Signs Your Spouse Is Hiding Assets in Your Divorce
In most cases, hiding assets during a divorce is unethical. The guilty party could face serious consequences, including fines. If your spouse fails to disclose their assets, you can take legal action and uncover these assets.
Here are warning signs that your spouse may be hiding assets during your divorce.
Withholding Information
If your spouse tries to hide their assets, they may be less likely to disclose their financial information. They may be deliberately vague about their finances or refuse to share important documents with you.
You need to get a court order to compel your spouse to reveal relevant information if they are evasive about their finances. Your lawyer could ask for copies of tax returns, bank statements, and other financial documents. That way, you get a fair share in your divorce settlement.
Uncollected Income
If your spouse owns a business or has rental properties, be sure to look closely at their reported income. They may deliberately under-report their income to pay less in support payments.
You should also be on the lookout for any untapped sources of income. For example, if your spouse has a trust fund or significant investments, they may try to keep this information hidden from you during the divorce proceedings.
Engage a reputable family lawyer who can help you navigate the complicated process of finding out such hidden information.
Increased Expenses
A sudden increase in expenses may suggest that your spouse is trying to hide assets. For example, they could spend large sums of money on luxury items or make significant changes to their lifestyle. They may even spend more money than they normally would in an attempt to burn through their assets before the divorce.
If you notice any changes in your spouse's lifestyle, be sure to request copies of financial documents. In doing so, you can know more about their assets and expenditures. Once you understand your spouse's financial situation, you can easily detect any attempts to fritter away their assets.
Overpayment on Outstanding Debts
In some cases, your spouse could try to overpay their debts in an attempt to hide assets. For example, they might make large payments on their credit cards or mortgage. They may also try to pay off their loans early.
While there's nothing wrong with reducing outstanding debts, your spouse might use this strategy to minimize the settlement expenses. If you suspect this is the case, you can ask your spouse to provide documentation of their debts and payments.
Keep in mind that you may get a lower settlement once they overpay their debts. You might have to settle for a lesser share of your marital assets.
If your spouse is making overpayments on their debts, be sure to talk to a competent family lawyer. They can ensure that the overpayments are taken into account in the property division process.
For more information, contact a family lawyer near you.
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