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Is your spouse hiding assets during your divorce?

| Feb 12, 2021 | high asset divorce | 0 comments

If you have decided to end your marriage, you may have some concern about your personal financial future. After all, if you are not eligible for alimony or spousal support, you may have to stick to a tight budget to adjust to living off of a single income. Fortunately, you should also receive a fair percentage of your marital property and assets. 

In Pennsylvania, divorcing spouses typically receive an equitable share of the marital estate. To ensure you and your soon-to-be ex-spouse end up with what is rightfully yours, you each must make certain financial disclosures. Regrettably, to gain an unfair advantage or for other reasons, your husband or wife may not be forthcoming. 

Possible ways to hide assets

Unscrupulous spouses have many options for hiding assets in the lead-up to a divorce. Here are some common ones: 

  • Making loans or gifts to business associates, friends, relatives or another third party
  • Overpaying taxes, credit cards balances or even utility bills 
  • Deferring commissions, salary or tax refunds 

Consequences of hiding assets

If your spouse hides assets, you may end up with less than your fair share of the marital estate. However, your husband or wife may also face some serious consequences for their actions. For example, a judge may hold them in contempt of court. 

Likewise, if your spouse breaks the law when deceiving you, they may face criminal charges. 

Options for finding hidden assets

You do not have to stand idly by while your spouse hides assets from you. If you think your spouse is not being honest, you may want to hire a forensic accountant to find missing assets. 

Ultimately, the time, money and effort you put into discovering hidden assets are likely worthwhile, as a judge may look favorably upon the spouse who was deceived. A family law attorney can advise on how to proceed if you suspect your spouse is not being truthful.