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Is your spouse hiding assets?

On Behalf of | Jun 18, 2021 | Divorce

When going through a divorce, asset division is often one of the first things on your mind. However, a spouse might actually take advantage of any distractions you face and attempt to hide assets in the confusion.

Is there any way to tell if a spouse has hidden or is attempting to hide assets? Fortunately, the answer is yes. You can keep an eye out for red flags.

Hiding assets in purchased goods

Forbes discusses the possibility of hidden assets. A spouse may attempt to hide assets in divorce for any number of reasons. Often, they do it because they feel like they do not owe their partner anything. They may even feel like their financial life will be too unstable without it.

Red flags may first start appearing in how they spend their money. A common tactic for asset hiding involves buying expensive items like cars, televisions, other electronics or high-end art. They will hold on to this property until the finalization of the divorce. After that point, they will resell it or return it, getting their money back.

Falsifying debt repayment

You may also notice them suddenly taking great interest in repaying debts. You should hold extra caution if they are paying back debts to family members or friends. They may have struck a deal in which the individual holds on to the money until later. Once again, after the finalization of divorce, they will return the money to your spouse.

There are other signs you can pick up on, but they often involve paper trails and digital evidence. Thus, you may benefit from seeking legal aid to help.

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