When a married couple divorces, assets and property obtained during the marriage are subject to property division. Most of the time, divorcing spouses go into this process willing to negotiate and share financial information in good faith, but, unfortunately, this is not always the case. Some people cannot resist the temptation to hide assets and income in an attempt to secure a better financial situation for themselves after divorce. If you suspect this may be happening in your divorce, here are a few red flags to watch out for.
Leaving you in the dark
If you have been open about your finances during marriage, it is not a good sign if your spouse suddenly becomes secretive about financial matters and tries to shut you out. Such secretive behavior can take a number of forms, including:
- Changing the passwords for your shared bank accounts without telling you
- Having mail sent to a PO Box or private address you don’t have access to
- Acting defensive when you inquire about financial matters
If you’re shut out of financial matters during your marriage, do not lose hope. A skilled legal team can track down the information you need during the discovery process.
Being generous with friends and family members
Is your spouse suddenly concerned with paying old debts to his or her friends or family members? This may be an attempt to funnel money out of the marital estate and into the hands of someone who has their back and will pay them back after the divorce.
Suddenly losing money instead of making it
If your spouse’s business or career has suddenly fallen on hard times now that divorce is looming, you may not be privy to the entire picture. Some of the ways people attempt to hide income include:
- Getting paid under the table or through unconventional means such as cryptocurrency
- Agreeing to get paid at a later date
- Getting paid in items such as antiques or artwork that can be sold after the divorce
No matter what clever tactics your spouse employs in the months leading up to divorce, a close inspection of his or her finances can quickly unravel those plans. By taking these signs seriously now, you can make progress toward securing a better financial future for yourself.