As part of the divorce process, you and your spouse must disclose all marital property to the court. This ensures that these shared assets will split fairly and equitably between the two of you following the split, but the result will be anything but fair if your spouse gets away with hiding assets.
If your soon-to-be ex-spouse attempts to hide assets in your divorce, it means that they are trying to walk away with more than their fair share. It is important to understand some of the telltale signs that may reveal that your spouse is guilty of this malicious behavior.
1. Sudden withdrawals
In the event that your spouse makes large or sudden withdrawals in the midst of an impending divorce, it may be worthwhile to take action. It is particularly suspicious if your spouse follows these withdrawals with unexpected “gifts” to friends or family members, which your spouse might retrieve later after the divorce is final.
2. Closing accounts
Closing a financial account is a surefire way to keep someone at arm’s length or, at the very least, hide one’s financial activity. It is especially worrisome if your spouse attempts to close an account that you previously both had access to.
3. Strange business activities
If your spouse owns a business, they might attempt to use the complex nature of an enterprise to separate assets from the marriage and hide them away from you. When there is cause to believe that such activities are taking place, it may be best to work with a forensic accountant who can bring the true value of a business to light.
You may be able to claim additional compensation from your soon-to-be ex-spouse if they are guilty of hiding assets in your divorce. There are legal resources available to help ensure a favorable outcome.
