Unfortunately, spouses hiding marital assets when divorce is on the horizon is all too common. Whether it’s because they wish to get revenge, fear they won’t have enough money after the divorce or are just particularly greedy, hiding assets can be incredibly easy to do. Particularly if one spouse handles the finances and the other is uninvolved.
If you suspect your soon-to-be-ex of hiding money, you must start taking steps to protect yourself and start looking for missing assets. Here are four common signs that your spouse is hiding assets during your divorce:
1. Financial statements are no longer arriving at your home
If there is a sudden change in the delivery of your financial statements, such as your bank statements or credit card statements, it could be a sign that your ex is diverting marital assets and wants to ensure you don’t find out.
If you suspect suspicious activity, you can ask your bank or financial accounts to send you copies of your statements. Be sure to gather other relevant financial documents such as tax returns or pension statements so that you can keep your records and look out for unusual activity.
2. A sudden decrease in salary
A substantial reduction in your spouse’s salary may also signify that they are hiding assets or holding on to commissions and bonuses for later. That way, the additional income won’t be “on the books” until after your divorce is final.
3. Intentional Overpayments
Amazingly, some spouses will go so far as to make an overpayment to the IRS or give a “loan” to a family member knowing that they will receive their money back at a later date – presumably after the divorce is final. These are both tricks that make it seem like your ex has fewer assets than they do.
4. Defensive behavior
If your spouse is sudden displaying defensive, secretive or controlling behavior when it comes to questions about money, this is a telltale sign that they are likely hiding marital assets. Hiding assets, income or debt during divorce is illegal and has serious consequences if discovered.
If you suspect a spouse of hiding assets, remember that you don’t have to prove it alone. A forensic accountant or qualified legal team can help you uncover your ex’s deceitful activity and recover what you are entitled to from your marriage.