Divorce can sometimes bring out the worst in people. A spouse you have spent years believing you can trust may suddenly move to cheat you out of some of the marital assets when you divorce.
Knowing where to look for hidden assets can be half the battle. Here are some “red flags” that indicate your spouse may be trying to tilt the financial records to hide assets:
1. Unusual sums of money leave the account
Some spouses simply try to siphon off a chunk of money from the joint account into an individual one. The more cunning among them know this is easily discoverable, so they disguise their transfers in numerous ways. For instance, they may send the money to a friend’s account, claiming that it is to settle an outstanding loan that never existed. The friend will then hold the money for them until after the divorce.
Another tactic is to make an overpayment on something such as a tax bill, with the idea that they alone will benefit from a repayment that is unlikely to arrive until after the divorce is finalized.
2. Expected income does not arrive
Your spouse typically gets a healthy bonus check each year from their employer. They may ask their employer to delay paying it until the divorce is finalized so that it won’t be included in the marital assets. When you ask questions, they simply tell you that the year hasn’t gone well and no bonus is coming.
3. Different financial institutions figure in the browser history
A divorcing spouse may research new financial institutions and forms of investment because they need to separate their account from their spouse and are looking for the best options going forward. But they might also be looking at ways to hide money in places their spouse cannot discover. For example, in a secretive Nevada trust or in an almost impossible for others to access cryptocurrency investment. A check of the browser history may highlight such things.
If you suspect your spouse may be trying to hide assets, it is wise to learn more about your options to track those assets down and petition the divorce court to redress the balance.
