Divorce can be a costly process, which is why many spouses fear that they will not have enough money after divorce to start a new life. It is not uncommon for one or both spouses to hide marital property or conceal income in order to prevent such assets from being included in the divorce settlement.
The following are five common signs that your spouse is hiding assets during divorce:
Your spouse takes control of the finances – Whether your bank statements are no longer being delivered to your home address or all your banking account passwords have been changed, if your spouse is essentially preventing you from accessing your financial information, your spouse may be diverting funds to a separate account. Ask your banks to send copies of your statements and collect all relevant financial documents (e.g., tax returns, 401K/IRA/pension statements, and other financial records to keep your eye out for any suspicious activity.
Your spouse is making costly purchases – If your spouse is spending money on expensive items without tell you, they may attempt to hide these items and later sell them after the divorce has been finalized. Additionally, making large withdrawals from your joint bank accounts is another sign your spouse might be attempting to steal assets.
Your spouse is intentionally overpaying debts – If your spouse overpays creditors or even the IRS, he/she may later receive a refund after the divorce is final. Furthermore, if your spouse starts paying loans to a family member or friend, he/she may have made an agreement with that person to return the money to them once the divorce is finalized.
Your spouse is taking advantage of his/her business – If your spouse owns a business, there are many ways he/she can hide money from their significant other. For example, your spouse may hire new employees that do not exist and pay them in order to later keep the funds, or delay signing new clients until the divorce is final.
Your spouse gets defensive whenever you bring up the subject – If your spouse suddenly becomes controlling, defensive, or secretive about money, then that is a tell-tale sign that he/she is concealing or hiding marital assets.
If you believe your spouse is hiding assets, you or your attorney may need to hire a forensic accountant. Your spouse could also face penalties imposed by the judge, such as awarding you more of the marital property or increasing your monthly spousal support.
If you are interested in filing for divorce in the Bronx, contact The King Law Firm today at (347) 343-5467 to learn how our firm can help you.