If you intend to divorce your spouse, you are probably looking forward to a brighter future once the business of ending your legal relationship is over. While not having to deal with the emotional strain of a broken marriage is part of the equation, you also need a solid financial foundation to start your new life.
New York law gives divorcing spouses an equitable share of the marital estate. Still, you can only argue for a fair share of marital wealth if you know assets exist. The following signs are just a few of the methods your spouse could be using to hide assets in the lead-up to your divorce.
While there is nothing inherently wrong with letting your spouse take care of financial matters, he or she should not keep secrets from you. If you do not have full access to bank statements, investment summaries and other financial information, you may have a serious problem. If you suspect your partner is not being honest about marital finances, you probably need to investigate.
If you loan marital funds to a friend, family member or business venture, you expect repayment to become part of the marital estate. Unfortunately, though, your husband or wife may make sham loans that do not come due until after your divorce concludes. In this scenario, the entire repayment amount ends up in your ex-spouse’s account, even though you likely should receive a percentage of it.
Paying bills on time is a good way to ensure you and your spouse have good credit scores. However, if your partner overpays, he or she may receive a refund after your marriage comes to an end. If the refund check is exclusively in your ex-spouse’s name, you may never see your share of it. Review statements online to catch payments that exceed the amounts due.