Is your spouse hiding assets? How to tell and what to do about it

On Behalf of | May 11, 2022 | Uncategorized |

When a Hackensack area couple decides they need to get a divorce, it is often an emotionally fraught time. A divorce doesn’t always bring out the best in people, and the negotiations over property division can sometimes be contentious. If one spouse is angry or believes they are entitled to more of the marital property, significant problems can arise. It may be tempting for the spouse to hide assets so they are not counted in the divorce settlement and the case information statement. This would be illegal, but it is certainly not unheard of. Knowing that this is a possibility and how to spot it is crucial.

You should pay attention to some signs if you believe your spouse is hiding assets. These include:

  • Changes in spending: Any changes in typical spending habits, especially if there have been any significant increases or decreases in spending, can signify that something is going on.
  • Changes in where bills are being mailed: If there are changes in where bills are being mailed, it can be a sign that a spouse is hiding money. Make sure statements sent to the house haven’t been directed to a new location. These include bank statements, credit card statements, retirement accounts, investment accounts, car payments, etc.
  • Account drainage: Pay attention to bank accounts and watch for any unusual activity where a spouse may be slowly draining money.
  • Canceled checks: Carefully review your canceled checks and watch for any unusual activity or payments you were not aware of. Note any significant cash withdrawals or repeated patterns of small withdrawals.
  • Change in behavior: Someone who is hiding assets often has a behavior change. This behavior can manifest in your spouse being more controlling or insisting that they take over the banking and spending accounts.

An attorney who specializes in high-asset divorce is familiar with the ways spouses may hide money. They have options in how you can prove your spouse is hiding assets and ensure the assets are discovered and that they are held accountable.