When you decide to file for divorce, you and your spouse may agree on the main issues. However, in other cases, divorce is bitter and brings out the worst in people.
If this happens, your spouse may even try to hide assets so they won’t be divided in the divorce proceedings. Do you know the signs that this may be happening? Let’s look at a couple of them.
Not disclosing information about your financial situation
Does your spouse have complete control of your financial situation? Do they pay all the bills, providing you little or no information about bank accounts, investments and savings? If so, it could be a sign they are hiding assets from you.
Also, your spouse may change the mailing address of bills and bank statements if they have moved out, leaving you in the dark about what is going on with your finances. These are signs they may be moving funds (or have funds) in hidden or separate accounts.
Sudden reduction in their salary
During a divorce, your spouse may tell their employer they want to defer their salary, bonuses or commission. If they do this, it means the income will not be reported while the divorce proceedings are happening, and therefore their income will seem to be less than it really is. If this happens, it may impact your ability to receive a fair amount of alimony or child support.
Finding hidden assets
Unfortunately, finding hidden assets can be difficult. However, you can work with an accountant to help you and your legal team uncover these hidden assets and ensure that you get your fair share of marital assets in the divorce. This will also help ensure that you’re set up for a secure financial future after your divorce.