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Warning Signs that a Spouse Is Hiding Assets During Divorce
Typically, the greater number of high-value and complex assets a married couple has, the more complicated property division is during divorce. Property division may be an especially difficult process if the spouses do not agree on how property should be divided or are not willing to be honest and forthcoming about property and debt. A spouse who is planning to divorce may attempt to conceal income or hide assets in order to prevent these assets from being factored into the divorce settlement. If you are considering divorce and you have reason to suspect that your spouse may be hiding assets or lying about finances, an experienced divorce attorney can help you uncover the truth so that you can obtain a fair divorce settlement.
One Spouse Handles The Majority of the Financial Transactions
In many marriages, one spouse handles the finances while the other spouse manages other responsibilities. Although this division of labor works well for many married couples, it can also leave one spouse completely out of the loop when it comes to money issues. If you have traditionally allowed your spouse to pay the bills, file tax returns, and make major financial decisions without your input, this can leave you at a major disadvantage during divorce. It may be a good idea to investigate financial documents like tax returns and look for clues that reveal potential financial deception. For example, you may find that your spouse owns property that you are not aware of through an itemized deduction involving property taxes.
Unusual Behavior and Other Red Flags
A spouse may lie about finances in order to gain an unfair property division arrangement or pay less than his or her fair share of child support or spousal maintenance. He or she may overstate debts and expenses, hide or undervalue property, and report lower than actual income. However, falsifying financial data during divorce can be hard to do without leaving at least some clues behind. Red flags that may hint at financial deception include:
- Unusual bank activity such as frequent withdrawals or transfers
- Missing account statements and other financial documents
- Cash or property being gifted to friends and relatives
- Defensive and secretive behavior regarding finances
- Increased international travel
- Changes to computer and smartphone passwords
- Mail being rerouted to a different address
Contact a St. Charles Divorce Lawyer
Uncovering financial fraud during divorce can be especially difficult if a spouse has not been kept up-to-date about finances during the marriage or if a couple owns complex or high-value assets. If you have reason to believe that your spouse may attempt to gain an unfair advantage during divorce proceedings through financial deception, contact Shaw Sanders, P.C.. Our knowledgeable Kane County divorce attorneys collaborate with experienced forensic accountants and other financial experts in order to help spouses obtain a divorce settlement that is based on the truth. Schedule a free, confidential consultation by calling us at 630-584-5550 today.
Sources:
https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/#1e64153b6fd1
https://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce/#114db7a8190c
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