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Did your soon-to-be ex hide assets? Here is what you can do.

On Behalf of | Jan 29, 2025 | Divorce

Unfortunately, it is not uncommon for one person to attempt to hide assets during their divorce to avoid sharing them. If you suspect that your soon-to-be ex-spouse might be concealing assets, it is crucial to take strategic steps to uncover and claim what is rightfully yours. What should you know?

7 signs of hidden assets

Asset concealment can take many forms, from understating income, overstating debts to hiding or undervaluing significant assets. Some signs that could indicate hidden assets include:

  • Unusual financial behavior: Sudden changes in spending habits, large withdrawals or transferring large sums of money without a clear explanation may be a red flag.
  • Changes in documentation: Documents related to financial accounts or assets may go missing, or paperwork may be missing.
  • Physical assets disappearing: You may notice the absence of physical items like art, jewelry or other valuables that may have been sold or transferred without notice.
  • New accounts or safe deposit boxes: Opening individual accounts, safe deposit boxes or PO boxes could be a sign that someone is trying to hide assets or mail.
  • Sudden interest in cryptocurrency: Investing in less traceable assets can be a sign that someone is trying to those funds.
  • Lifestyle inconsistencies: If someone lives a lifestyle that seems too lavish compared to the income they claim to be earning, it could be a sign that they underreported their income.
  • Refusal to provide financial information: Avoidance in sharing financial documents or details can be a significant indicator of hidden assets.

What should you do if you suspect your spouse has hidden assets?

One of the first steps in protecting yourself if you suspect your spouse is hiding assets is staying involved in and knowledgeable about your marital finances. This awareness can make it difficult for your spouse to hide assets. Keep copies of all financial records, including tax returns, bank statements, loan applications documents, and receipts for major purchases. These documents can provide crucial evidence in court.

You should also hire a skilled family law attorney. A knowledgeable attorney can guide you through your options and create a legal strategy that protects your financial health. They can also help you explore options like court orders that can compel your spouse to disclose financial information.

You may also hire a forensic accountant to uncover hidden assets. These professionals specialize in detailed analysis of financial records and identify any inconsistencies.

If you suspect that your soon-to-be ex is hiding assets, it is essential to act swiftly and smartly. Protecting your financial interests is crucial for your future stability and well-being.

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