By the time two people are getting divorced, they have likely struggled through months or even years of not liking or trusting each other. This creates some common problems during the legal process.
For instance, if you and your soon-to-be ex don’t trust each other, then you could be dealing with fears or allegations of hidden assets. If you have reason to believe your spouse is attempting to shield property or money from the division process, then you may want to start looking in some common places.
- Bank accounts – Look at your bank statements and pay attention to unusual withdrawals, or smaller deposits from a spouse’s paychecks. Keep an eye out for bank statements that arrive in the mail and are addressed only to your spouse or that come from an unusual bank. These could be red flags signaling undisclosed income or accounts.
- New or missing property – Look around the house, your spouse’s office or storage facilities. Are there missing items? Are there new items that could potentially hold a lot of value? If so, your spouse could be trying to hide items or buy things that can be resold for more money after divorce.
- Your friends or family – Unfortunately, your friends or in-laws could be helping your spouse hide assets. They might agree to hold on to property or large sums of money as a “loan” they will return after the divorce. Tracking this down can involve reviewing financial activity and talking to these parties.
- At work – As this Huffington Post article notes, a person might hide money by deferring promotions or bonuses until after a divorce is final. There could also be retirement accounts or other work-related assets that a person fails to disclose during a divorce, hoping the other person won’t know about them.
You may be able to track down hidden assets yourself, though, many people work with a financial professional. For instance, a forensic accountant can do a thorough examination into a person’s financial activity and assets to uncover fraud.
Because hiding assets during a divorce is unlawful and unfair, it is something parties must not do. However, if you are concerned that your ex is lying about or omitting financial information, you should discuss these concerns with your attorney.