Property division is one of the most contentious topics in a divorce case. Some people even go to great lengths in order to conceal assets in order to avoid giving them up to their spouses. If you are going through a divorce, be sure to keep an eye out on whether your spouse is hiding assets from you.
Here are some signs that your spouse could be hiding assets during your divorce:
- Being secretive about financial affairs – If you feel that your spouse has suddenly stopped talking to you about finances or is demanding control of bank account passwords, he or she may be trying to hide something from you.
- Large withdrawals or increase in purchases – Look out for suspicious activity in your joint accounts, such as large purchases, transfers, or uncharacteristic purchases. Your spouse may be trying to spend as much money as possible to avoid it being divided during the divorce.
- Transferring assets to friends – Some spouses may decide to transfer assets to a close friend in hopes of buying it back once the divorce is over.
- Opening of new bank accounts – Watch out for any new accounts that have been opened using your child’s social security number. Your spouse may be trying to disguise these funds as a college fund to avoid dividing them during the divorce.
- Uncollected income – Spouses may sometimes hold off on collecting a bonus or defer paychecks until the divorce is over. This is a common tactic that is used to hide assets.
- Discrepancies in financial statements – If you see statements from banks that you’re not familiar with, or notice that your usual statements have stopped arriving, be sure to look into the situation. Some spouses may open a private PO box and start funneling mail there to conceal information about their finances.
What to Do If You Suspect Hidden Assets in Your Divorce
If you believe that your spouse is concealing assets in your divorce case, it is important that you tell your divorce attorney.
You should also document suspicious activities and provide your attorney with as much information as possible regarding your joint assets.
How Hidden Assets Are Discovered
Hidden assets are usually uncovered through the divorce discovery process, and typically require the help of financial experts such as a forensic accountant. The forensic accountant will evaluate your financial documents and help you trace expenses, bank accounts, and any other financial activity to determine where assets are hidden.
It is illegal for a spouse to hide assets during a divorce, and can lead to serious penalties from the court and jeopardize a person’s position in the divorce case.
Turn to Our Fresno Divorce Attorneys for Trusted Counsel
At Arnold Law Group, APC, we have guided countless clients through complex divorce issues, including high asset divorces and cases involving hidden assets. We have a team of trusted forensic accountants and financial specialists who can help identify and locate hidden assets for our clients. If you are in need of experienced and compassionate divorce lawyers in Fresno to protect your financial interests during your divorce case, call our office.
Schedule your consultation: (559) 900-1263.