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Is your spouse hiding assets?

On Behalf of | Mar 21, 2022 | Divorce |

If you’re going through a divorce, you know that the situation doesn’t always bring out the best in each spouse. A divorce is a stressful situation where both parties don’t always agree on everything. Because a divorce can bring out the worst in people, some will try and hide assets as they prepare to file for divorce. Here are some signs you should be aware of:

  1. Overpaying debts. A spouse may overpay debts so that when the divorce is finalized, they will get a refund of the overpayment.
  2. Making expensive purchases without your knowledge. A spouse may purchase some expensive items without telling you about them. They may also hide them to enjoy later or sell once the divorce is finalized.
  3. Taking over finances. If your spouse changes the financial accounts passwords or takes complete control over your finances, it should be a red flag. If you’re no longer receiving statements, they may have changed your mailing address and bank without you knowing it and are diverting funds into a hidden account.
  4. Post office box. If you discover your spouse has an unknown post office box they may be using it to hide assets.
  5. Joint accounts. Your spouse may be moving money out of joint accounts into accounts in their name over.

How do you locate hidden assets?

If you suspect your spouse is hiding assets it is time to get serious. With the help of a family law attorney there are various strategies to employ to locate hidden assets. These include:

  • Analyzing income tax returns for income you didn’t know about.
  • Reviewing bank accounts for unusual withdrawals, income and expenses.
  • Searching public records for real estate, vehicles, boat purchases in their name only.
  • Reviewing personal loan and credit card statements for any overpayments or large payments.
  • Reviewing spouse’s business records.

Hidden assets can cause you to lose a lot on a divorce settlement. It is important to make sure all assets are accounted for when it comes to the asset division portion of a divorce.