Managing marital finances is difficult enough during your marriage. It can be even more treacherous when you divorce. If you are unclear about certain assets and your spouse is being suspicious, you may need to consider whether he or she is hiding assets.
Some people disguise or devalue assets during a divorce in an attempt to safeguard them from the asset division process. If this happens, you lose out on your fair share of what you deserve. This may also impact alimony and child support. Getting a divorce is tough enough on your finances so you want to make sure you get what you need. Take note of the following red flags and learn what you can do to uncover hidden assets during your divorce.
Are you noticing any of the following?
- Control and secrecy: If your spouse maintains total control of bank accounts and is secret about financial matters, you may be left in the dark on purposes.
- Exaggerating about financial hardship: Your spouse may lie about debt or a drop in business in an attempt to trick you.
- Deleting computer programs: Many people rely on financial programs and apps in order to access and keep track of finances. If you find that these are missing from your devices, it may be because your spouse is hiding something.
- Giving gifts to friends or family members: A common strategy for hiding assets is simply giving them as gifts or loans to loved ones only to receive them after the split is final.
If you detect any suspicious activity, you may need to use the legal discovery method.
Your spouse may not voluntarily disclose financial information. In this case, the discovery process may be necessary. This may involve sending requests for information, issuing subpoenas to financial institutions, asking for testimony or requiring written answers to questions. When you go through the court to find hidden assets, your spouse must comply or face the consequences of being in contempt of court.