Divorce is often emotionally charged and stressful, and it can be even more difficult if one spouse is hiding assets.
Unfortunately, some people try to conceal their assets to avoid having to divide them during a divorce settlement. If you suspect your spouse is hiding assets, taking action and protecting your financial interests is important. Signs this may be happening include the following:
Sudden changes in financial behavior
If your spouse suddenly becomes more secretive about finances or starts making large withdrawals or transfers, it may indicate hidden assets. They may also start to take on debt in their own name or open new accounts without telling you.
Missing or incomplete financial records
Does your spouse handle your finances? Are you unsure what you have or where your money is kept? Does your spouse refuse to give you information about your financial situation? These are more red flags to be aware of as you move through your divorce.
Unexplained decreases in income or assets
During a divorce, one person may claim to have “lost” an investment or had their pay cut at work. Sometimes, one spouse may give money to family members or friends to have it returned when the divorce is final. People also use these methods to keep money out of the divorce settlement.
Unfortunately, hidden assets are more common in divorces than some people realize. Because of this, it is important to know what the signs of this are.
Knowing the signs will help you act if you suspect this issue. You can even use an accountant’s services to help you better understand your financial situation. Remember, taking steps to protect your rights during a divorce is important.