One topic that frequently causes disputes is the division of assets in a divorce. In some cases, both parties feel entitled to more than they really deserve. In others, one party is willing to divide assets fairly but the other is not.
Asset division is such a touchy topic that some people turn to hiding assets to keep what they feel is truly theirs. If you suspect your spouse of hiding assets during a divorce, keep an eye out for these red flags. For more personalized assistance with your divorce, call Coumanis & York at 251-990-3083.
You Have No Access to Financial Records or Accounts
This may be a red flag if you have never had access to certain financial accounts or you have suddenly been locked out of them. When one person in a relationship has all of the financial data and the other has none, there is a lot of opportunity for assets to be hidden or transferred. Even if you have historically never had access to financial accounts, you obviously need to access them during a divorce. If your spouse refuses, this could be a major red flag.
You Are Suddenly Unable to Access QuickBooks, Mint, or Other Programs
Programs like Mint can be helpful in tracking your budget and seeing how money moves between accounts. Because it can easily link up multiple accounts, someone who is hiding assets is likely to get rid of these programs or unlink their accounts from them. The less of a paper trail you have about where their money is going, the easier it is for them to hide assets during the divorce.
Your Lifestyle Changes, But Your Spouse’s Does Not
Divorce can be expensive, and so is supporting two households. If your partner suddenly cuts you off from access to marital funds without adjusting their lifestyle at all, it’s possible that they have hidden assets that you know nothing about. For example, they may have a secret stream of income or hidden bank account that only they can access.
Property Begins Disappearing Without Explanation
Furniture, vehicles, antiques, and other items might start to disappear from your home without any explanation from your ex-partner. This often means that they are either selling them for cash and hiding the cash, or “giving” them to friends and family members. Of course, in this case, they aren’t actually giving the items away. They are simply having their loved ones hold on to them until the divorce is final, at which point they will take them back. This is why you should have a list of all of the valuable items you own, where they are, and how much they’re worth. It makes it easier to identify when items go missing.
Trips to Other Countries
It is hard to hide money in American bank accounts because of our strict banking laws. However, many other countries are more lax about their banking procedures and protocols. If your spouse starts making random trips to countries that are known to be financial havens for Americans, they could be hiding assets that they plan on retrieving after the divorce is final.
Unexplained Accounts or Credit Cards
You may find out about these accounts when your spouse starts receiving mail about their new accounts or if you live in a state that requires creditors to tell spouses about their partner’s new lines of credit. Your ex could be racking up debt or shuffling money to other accounts to hide it during the divorce.
Reported Loss of Income or Business Income
Your spouse could be falsely reporting business losses to avoid paying spousal support during the divorce. If they own a business and report lower profits or even file for bankruptcy, they may hope to keep you from getting any of the business during the divorce. This is particularly alarming if, as stated above, they appear to be maintaining the same standard of living even after you two have separated.
Contact Coumanis & York for the Divorce Representation You Deserve
What do you do if you believe your spouse is hiding assets? You need to confide in a trusted divorce attorney. Your attorney can help you uncover assets and may even bring in a forensic accountant to ensure that everything comes to light. Our team is here to guide you through this difficult time. Schedule a meeting now by calling us at 251-990-3083 or getting in touch with our team .