Marital assets, those assets that were acquired during the marriage, are distributed equitably to the spouses during a divorce. Unfortunately, some spouses try to hide assets so they do not have to share them with their soon-to-be former spouse. Here are five signs that a spouse may be trying to hide assets during a divorce and what to do to find them:
Sudden Lifestyle Change
If your spouse’s lifestyle suddenly changes without any explanation or obvious reason, it could be an indication that they are spending marital funds on themselves in order to conceal them from the division of assets. It is important to investigate this and document any sudden changes in spending habits.
Missing Financial Records
If financial records such as bank statements, tax returns or credit card statements are missing or incomplete, this could mean that your spouse is attempting to cover tracks by hiding these documents. A divorce lawyer can help review the records and uncover the truth.
If your spouse is transferring money between accounts or into different investments without explanation, it could be a sign that they are trying to hide funds from being divided in the divorce settlement. It is important to investigate these transactions and speak with an attorney about any potential discrepancies between the account balances and your spouse’s financial disclosure.
Unusual Gifts or Payments
If your spouse has been gifting large sums of money to friends or family members, this could indicate that they are attempting to hide assets by moving them outside of their control. It is important to review all gifts and payments made during the end of the marriage.
Abrupt Changes in Work Status
Sudden changes in work status can be a sign that your spouse is attempting to conceal assets or reduce support obligations by decreasing their income. If your spouse abruptly changes jobs, quits or takes an extended leave of absence without explanation, this is a red flag. It is important to investigate these changes and speak with an attorney about what to do.
If you suspect that your spouse is hiding assets during a divorce, there are steps you can take to uncover them. The first step is to consult with a qualified divorce attorney with experience in property division issues. An experienced lawyer will be able to review financial records and help identify any signs of hidden assets or discrepancies in documents. Additionally, they may collaborate with a forensic accountant to conduct a more thorough investigation. It is important that you take the necessary steps to uncover any hidden assets so that they can be properly divided in the divorce settlement.
Call Our DuPage County Divorce Lawyers for Help
No one should be taken advantage of in a divorce. If you suspect that your spouse is hiding assets, it is important to take action right away. Call our skilled Wheaton divorce lawyers at [[phone]] and let us help you seek a divorce outcome based on the truth.