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Is your spouse hiding assets?

On Behalf of | Jun 25, 2021 | Blog, Property Division

When working through divorce, you would hope that your spouse would at least not work against you. But unfortunately, that is not always the case. Sometimes, a spouse might try to use the confusion and turmoil of divorce to make some personal gains.

This is often the case when it comes to hidden assets. But how can you tell if your spouse is attempting to hide assets in the first place?

How will your spouse hide assets?

Forbes takes a look at how spouses hide assets. There are some common tricks you should keep an eye out for. The first involves transferring cash assets into physical valuables. In essence, this trick involves buying big ticket, expensive items. Cars, electronics, high fashion items, instruments and fine art pieces are all examples. The spouse will hold on to these items until the finalization of divorce. Then, they will either return or sell them and regain their money.

Another thing to keep an eye out for? Sudden debt repayment. If you notice your spouse suddenly repaying old debts – especially to family members or friends – it could be another asset-hiding trick. Many spouses will give money to relatives or trusted friends to hold onto until asset division has ended. They then go collect the money, as the supposed debt naturally never existed.

Will they let you see their records?

Finally, note any suspicious behavior when you request financial records. A spouse should have relatively little trouble showing you their history of earning, spending and saving. Extreme reluctance may indicate a potential issue. To really be sure, though, you want to consider getting the help of forensic financial analysts. They can comb through your spouse’s finances to find any trace of hidden assets.