High-asset divorces can easily become contentious. Dividing marital property can lead to conflict and animosity when there is a large amount of money on the line.
To ensure equitable division, both spouses must divulge all assets. However, in some divorces, one spouse hides funds in an effort to prevent the other from receiving a fair share. If you suspect your spouse is doing this, there are some warning signs to look for.
How to tell if your spouse may be hiding assets
The most blatant sign that your spouse is concealing assets is the sudden disappearance of funds from a joint account without explanation. Your spouse may transfer a large sum of money to a friend or relative, intending to ask for it back after your divorce is final.
Keep an eye on your joint accounts and take notice of any large, unexpected withdrawals. If your spouse changes the passwords to shared online accounts or you stop receiving statements in the mail, these are also concerning signs.
Some people attempt to hide assets by overpaying their income taxes, enabling them to receive a large refund when they file their taxes after the divorce. Another tactic is to delay work bonuses or commissions. Any unexpected change in your spouse’s income may be cause for concern.
How to uncover hidden assets
Uncovering concealed assets may require the help of a forensic accountant. Forensic accountants investigate financial records to find assets your spouse may be trying to hide. Hiring a professional can be expensive, but it may be well worth the cost if there is a significant amount of money at stake.
Concealing assets in a divorce is against the law. Understanding the warning signs can help you protect your financial interests.