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Are these signs of hidden assets?

On Behalf of | Jun 18, 2021 | Divorce

When going through divorce, you have to keep your eye on several different matters all at once. This can create an enormous emotional and mental burden for you. Unfortunately, some spouses may attempt to take advantage of this by hiding assets.

But what is a hidden asset? And how might someone go about trying to hide them?

Why do people hide assets?

Forbes discusses how to find hidden assets in divorce. But first, you must define a hidden asset. A divorce involves hidden assets when a spouse attempts to fudge the numbers, making it appear as though they have fewer assets or sources of income than they actually do.

They do this for many reasons. Primarily, they are trying to lower their net worth. This allows them to skirt by on smaller alimony or child support payments. It also lets them hold on to a disproportionate amount of their wealth when you divide your assets. They only divide what they tell you about and keep the rest.

What are red flags?

There are several signs that your spouse is trying to hide assets. First, they may begin “paying back” old debts. They may also claim they are loaning friends money. If you notice the sudden appearance of big ticket items like cars or pricey electronics, this could also indicate your spouse is trying to hide assets.

If they own a business, they may invent false employees to “pay”, while keeping that money. They can also fabricate financial loss in the same way. If you suspect any of this is happening, consider contacting a forensic financial specialist and legal help. They can aid you in getting what you deserve.