Whether you are currently going through a divorce or just thinking about starting the process, there are many factors to consider. Property division may be one of the most difficult issues to tackle, as it can be hard to part with property and possessions that you have accumulated throughout years of marriage. Although both parties are required to disclose all property and assets amassed during the divorce, one party may be tempted to hide marital property in order to get full access to it once the divorce is finalized.
You should be aware of how to spot the signs that your spouse is hiding martial property from you, so that you can minimize the chances of losing property in the divorce. Some red flags indicating your spouse is hiding marital property may occur if he or she:
- Has complete control of financial accounts, including passwords
- Receives statements in a P.O. Box that you do not have access to
- Suddenly deletes a program used to keep financial information
- Reports a sudden decrease in investments or stocks
- Owns more than one cellphone
Your spouse may begin making random purchases of expensive items, such as art, vehicles or antiques that may be sold later. He or she may also begin giving gifts to friends and/or family, only to reclaim those gifts once the divorce is finalized. Keep in mind that you are entitled to half of any gifts given to a third-party before the divorce is finalized. Similarly, if money is loaned out during the marriage, you are entitled to half of that money once it is repaid, even if is not repaid until after the divorce is finalized.
This information is intended to educate and should not be taken as legal advice.