Navigating through a divorce is rarely a simple process. Asset division, custody agreements, child support, and alimony can be complicated processes that can take weeks or longer to settle. When it comes to the asset division process, you want to be sure you are dealing with accurate figures, which can be hard if your spouse is hiding money in your divorce. Knowing how to recognize the signs of hiding assets can help you find everything your spouse has been hiding; here are a few you can look out for:
Assuming control of the finances
One of the biggest red flags in hiding assets is when your spouse attempts to separate you from your bank statements, retirement statements, and other financial accounts. Whatever the excuse they present you with to not look at these accounts, they likely know you will not like what you see.
It may seem like quickly paying off your debts can be a good thing, but your spouse may have an ulterior motive for it. When a spouse overpays their debts, they may be doing it to hide the money in the refund they will get later on. The IRS, for example, can take months or longer to issue a refund, and if it comes directly back to them, you may not even be aware of the money.
If your spouse has been preparing for divorce for a long time, they may have been squirreling away money in the process. It can be hard to notice cashback requests on various trips to the store. But consistently collecting $20 or $50 from purchases can add up over time. Whether they collect the money on prepaid cards or in cash, they may be hiding the money in the back of the closet or somewhere else in the house.
Let your attorney help you search for hidden assets
If you suspect that your spouse is hiding assets, make sure you have an attorney that knows how to look for them. There are many different ways someone can hide assets from the asset division process, and a skilled lawyer can help you track them down so you can earn your fair share in your divorce.