Dividing assets and debts during a divorce may prove one of the most contentious parts of the process. If you believe something is off with your spouse’s financial submissions, you may want to delve deeper.
Some spouses decide that trying to conceal assets before and during a divorce allows them to keep more of the marital pot. If you believe this may happen with you, keep an eye out for these signs.
When you share bank accounts with your spouse, you should have access to those. While monitoring your money, you may see withdrawals from those accounts that do not make sense. Whether they are large or small, you should take note. Some spouses start to take money out in smaller denominations before divorce in an attempt to hide it in a new account. In some instances, accounts appearing in a family member’s name may appear. This may show an attempt to conceal marital assets in some else’s name.
Another way a spouse may hide assets is by using them. Paying more towards personal debts, such a single-held credit cards or car loans, before or during divorce is an attempt to gain the upper hand. While this is not hiding assets, it is a way to money out of the marital pot. If your spouse holds the debts in his or her name only, the benefits are more significant as that personal debt is no longer a burden. An equitable distribution by the court may prove more favorable for the spouse with less personal debt.
When something seems off about your spouse’s financial disclosure, it may prove valid. Finding any money socked away is crucial to keeping things fair.