Going through a divorce is never easy, and it can become even more complicated if one spouse attempts to conceal assets. It is important to be aware of signs that your spouse might be hiding assets.
This awareness can help ensure a fair division of property during divorce proceedings.
Examine financial statements
Begin your investigation by closely examining all financial statements, including bank statements, tax returns and credit card statements. Look for discrepancies or unexplained expenses that could indicate hidden assets.
Investigate unexplained debts
Asserting unexplained debts can artificially deflate the marital asset pool, reducing the other spouse’s share. The lack of transparency and verification of these debts raises suspicion that they might be exaggerations or fabrications.
These claims can also lead to delays in the divorce proceedings as the other spouse and the court attempt to investigate and verify their existence. This can be a strategic move to buy more time for asset concealment.
Observe unusual behavior
It could be a red flag if one’s spouse starts behaving strangely about finances. Watch out for secretive behavior, such as opening new bank accounts, transferring large sums of money or making significant investments without your knowledge.
Evaluate lifestyle changes
Sudden lifestyle changes can also indicate hidden assets. If your spouse maintains an extravagant lifestyle while claiming to have limited income, it may be worth further investigating.
Scrutinize business interests
If your spouse owns a business, scrutinize the company’s financial records. Look for any signs of irregularities, such as undervalued assets, inflated debts or unexplained transactions.
Consider offshore accounts
Offshore bank accounts are often used to hide assets due to their confidentiality and tax benefits. Keep an eye out for any clues or suspicious activities related to offshore accounts in your spouse’s financial records.
Review property ownership
Examine property ownership records to see if your spouse has recently transferred assets to family members or friends. This could be an attempt to conceal valuable assets from the divorce process.
Seek professional assistance
If there are strong suspicions that your spouse is hiding assets, consider hiring a forensic accountant or financial investigator. These professionals can thoroughly examine financial records and provide expert guidance during the divorce proceedings.
Being well-informed and proactive is key to protecting your financial interests during this challenging time.