Is your spouse hiding assets in the lead-up to your divorce?

Is your spouse hiding assets in the lead-up to your divorce?

| May 27, 2021 | Divorce |

If your marriage is coming to an end, financial disagreements may be partly to blame. After all, about 40% of individuals between the ages of 40 and 56 cite money matters as a primary reason for their divorces. If your spouse has lied about finances during your marriage, you may expect him or her to deceive you during your divorce.

When you divorce, you should receive an equitable share of the marital estate. You may also be eligible for spousal support. Nonetheless, if your spouse hides assets before or during your divorce, you miss out on what you deserve.

How spouses hide assets

During divorce proceedings, both spouses have a legal obligation to disclose marital assets to each other and to the court. To gain an unfair advantage, your husband or wife may stash funds until your divorce concludes.

Here are some common ways spouses hide assets:

  • Making loans to friends, family members or business associates
  • Deferring tax refunds, bonuses or other income
  • Opening private checking or savings accounts
  • Spending money on unnecessary expenses

How you find missing wealth

If your spouse has primarily handled marital finances, you may be at particular risk of financial deception during your divorce. Fortunately, you can track down missing wealth in a couple ways. First, during pre-trial discovery, you can ask your husband or wife to disclose finances. If your spouse fails to do so, he or she may face legal consequences.

You may also choose to hire a forensic accountant. This type of financial professional knows how to follow the money. He or she may look at bank records, investments, spending habits and other relevant information to locate hidden assets.

You ultimately must have enough wealth to build a solid financial future for yourself after your divorce. Simply put, rather than allowing your spouse to deceive you, you probably want to take proactive steps to protect your financial interests.