When you file for divorce, all property and assets acquired during your marriage are subject to division. Many couples go through this process in good faith, disclosing all their financial information. Unfortunately, this is not always the case.
Some individuals attempt to hide income or assets to protect themselves and their financial situation after divorce. If you believe your spouse may be doing this, you should learn the signs your spouse may be attempting to hide assets.
They act secretively about finances
Has your spouse become secretive about financial matters? Are they trying to “shut you out?” Secretive behavior may look like the following:
- Being defensive when you ask about financial matters
- Having mail sent to a private address or PO Box, you cannot access
- Changing passwords to shared accounts
If you discover any of these things, it may mean your spouse is hiding assets. While this is true, experts, like forensic accountants, can help you find these assets and ensure they are included in the property division process.
Giving things away and repaying debts
Has your spouse started giving things to friends or focused on repaying old debts to family members? If so, it may be because they are trying to get money from your marital estate and into someone else’s hands. In the end, the person receiving the money repays your spouse after the divorce and keeps you from getting any of the money.
Protecting yourself during divorce
After divorce, your financial situation will change. You must ensure you get your fair share of marital assets to set yourself up for a secure financial future. If you believe your spouse is trying to hide assets, it is important to learn what legal options you have.