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Signs your spouse may be hiding assets during your divorce

Signs your spouse may be hiding assets during your divorce

On Behalf of | Jun 13, 2024 | Divorce |

Divorce can be a stressful and challenging process, especially when it comes to dividing assets. If you suspect your spouse is hiding assets, recognizing the signs can help you address the issue.

Unusual financial behavior

One sign of hidden assets is unusual financial behavior. This might include sudden withdrawals, opening new bank accounts, or transferring money to unfamiliar accounts. Spouses who become secretive about finances or insist on handling all financial matters alone may be hiding assets.

Undervaluing assets

Another red flag is undervaluing assets. Your spouse may try to downplay the value of property, businesses, or other valuable items. They might delay appraisals or provide inaccurate financial statements. Keep a close watch on these valuations during the divorce process.

Unexplained debts

Unexplained debts or sudden financial losses can also indicate hidden assets. Your spouse might claim to owe large sums of money to friends or family members without clear documentation. These debts are sometimes fabricated to reduce the amount of marital property subject to division.

Concealing or moving assets

Spouses may attempt to conceal or move assets by gifting money or valuable items to friends or relatives. They might transfer ownership of assets to business partners or create false loans. Be wary if you notice significant transfers or changes in asset ownership close to or during the divorce.

Taking action

If you suspect your spouse is hiding assets, you need to take action to ensure an equitable division. Seeking professional assistance can help uncover the truth. Financial experts and forensic accountants have the tools and expertise to trace hidden assets and provide valuable insight into your spouse’s financial activities.