If you suspect your spouse is hiding assets during your divorce, it’s important to take action quickly. Asset concealment can complicate the division of property and impact your financial future. Here’s what you need to know and do to protect yourself.
Watch for signs of hidden assets
There are several warning signs that your spouse may be hiding assets. They might suddenly have an unusual amount of cash, or there could be unexplained changes to bank accounts or investments. If your spouse has a history of secrecy about finances or has recently made significant purchases without consulting you, this may be cause for concern. You should also check for any assets that are not disclosed on financial statements, like items of high value or real estate.
Gather financial records and documents
If you suspect hidden assets, gathering financial records is your first step. Look through tax returns, bank statements, credit card statements, and any other financial documents you have access to. These can help reveal any inconsistencies or missing assets. Make sure to secure copies of all documents before you confront your spouse or the court. If necessary, you may need to hire a forensic accountant who specializes in tracing hidden assets.
Work with your divorce attorney
Your divorce attorney is an essential ally in this process. They can guide you on how to handle asset concealment and help you take the appropriate legal steps. Your attorney can also assist with filing a motion with the court to compel your spouse to disclose all assets. In some cases, your spouse could face legal consequences for hiding assets, including financial penalties.
Pursue legal action
If you have solid evidence that your spouse has hidden assets, legal action is necessary. A judge can order your spouse to reveal the hidden assets or face contempt charges. In some cases, the judge may award you a larger share of the marital property as a penalty for hiding assets.
If you believe your spouse is hiding assets, don’t wait. The sooner you act, the better chance you have of uncovering the truth and securing a fair divorce settlement.
