What are signs of hidden assets?

What are signs of hidden assets?

| Jul 5, 2021 | Family Law |

When going through divorce, you often have to split your attention between many different matters at once. Unfortunately, this opens up the possibility of a spouse using your distraction against you.

They may use this time to attempt to hide assets. What does this mean? Why do they do this? And what can you do to identify this problem before it really impacts your future?

Why do spouses hide assets?

Forbes examines the ways to find assets hidden in divorce. Spouses may hide assets for many reasons. Some genuinely fear for their financial stability in the future, or being able to maintain their current style of living. Others do it out of spite, simply not wishing to share their belongings with you in any way.

But when a spouse hides assets, it deprives you of your fair share. This can especially haunt you if you receive spousal or child support. A judge will base the amount your spouse owes on their overall assets. If they lie and make their assets seem lower, they will end up paying you less than they should.

Behavioral changes and spending habits

So you should keep an eye out for potential red flags that might indicate a spouse might have hidden assets. First, note their behavior about financial matters. Are they suddenly much more secretive than before? Do they refuse to share any of their information with you, even down to their receipts?

Next, note their spending behaviors. Are they suddenly repaying debts, especially to friends or family members? Have they started buying big ticket expensive items? Both of these serve as common ways to hide assets, with an individual planning on getting back their money from relatives or selling their items after the divorce.

If you note such things, consider contacting legal help to learn more about your options.