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Asset division is complicated by hidden assets

On Behalf of | Feb 14, 2023 | Divorce |

The divorce process is seldom easy, especially for high-net-worth couples. For these couples, the asset division process complicates the divorce process generally because of the number of assets that need to be split. When one spouse hides Cincinnati, Ohio, assets, it can throw a wrench into the entire process.

Hiding assets?

According to some reports, as many as 30% of United States married couples deal with hidden assets (financial infidelity) during their marriage, and it can lead to divorce in as many as 10% of those marriages. As such, it is quite a pervasive issue throughout the United States. It refers to any time one spouse hides assets or debts from the other.

How do I know?

Even if you do not suspect that your spouse is hiding assets or debts, there are signs. First, if your spouse is secretive about your shared finances, that is a huge red flag, especially if they hide the financial documents.

If you notice that there are large or periodic withdrawals that do not seem to match any known bills, this could be a sign they are being used to pay a secret Cincinnati, Ohio, debt or fund a secret account.

Do they change the topic when you bring up finances? That is another red flag? Avoiding the topic entirely is a red flag too.

How can I be sure?

Sometimes, the easiest way to find out is to just ask, and do not allow them to avoid the topic. Other times, this will not work. You know your spouse.

Other spouses need to be confronted with something. For these spouses, grab the documents and check the mail periodically. You need to find some evidence of hidden debts or assets. And, you may need to hire a Cincinnati, Ohio, financial professional (CPA, forensic accountant, etc.) to get to the bottom or understand the full scope.