Family Lawyer 

Do You Suspect Your Spouse Is Hiding Assets in Your Divorce?

During a divorce, it is important for a couple to declare all of their marital assets. However, some spouses try to deceive their soon-to-be-ex by hiding property so that it does not get divided. Although hiding marital assets can lead to serious consequences, some spouses do not care and continue to engage in this illegal behavior.

Unfortunately, hiding marital assets during divorces is a common practice. In fact, one study found that almost one-third of the individuals who combined finances in a marriage admit to being dishonest to their spouse about finances.

If you suspect your spouse of hiding assets that should be declared as part of your marital estate, contact a family lawyer today. They can evaluate your situation and discuss the best course of legal action for you to take.

The following is a brief list of the property types that are often hidden in a divorce.

Deferred Income

In most marriages, the largest source of cash flow comes from the income they earn from their regular jobs. If a spouse has a positive relationship with their boss, they may work out a deal where their salary gets deferred until their divorce becomes finalized. If you believe your spouse is doing this, a letter may be sent to their employer requesting detailed information about their salary history and current salary.

Significant Purchases

A spouse may make a significant purchase like a vehicle, jewelry, or a home improvement item. Many times, these types of purchases are made so that they can be sold. This allows a spouse to recoup the cost of the purchase as soon as the divorce is finalized. If you suspect your spouse has used the property to hide funds, a thorough inspection of your joint bank accounts may be necessary, as any unusual or large withdrawals suggest that a couple’s shared funds are not being used appropriately.

Debts

Another technique some spouses use to hide their assets is overstating their debts. A spouse may work with a friend or family member to design a fake loan, where the spouse makes payments while being completely aware that the money, they pay will be returned to them once their divorce becomes final.

Taking Cash Withdrawals on Debit Cards

A spouse may go to the store frequently to make everyday purchases like groceries and ask for cash back when paying with a debit card. While they may not become wealthy doing this, taking cash out in this can easily fly under the radar.

Contact a Family Law Firm Today

If you are ending your marriage, call an experienced attorney, like a family lawyer from a law firm like AttorneyBernie.com.