When going through a divorce, it is easy to get distracted. After all, you have a mountain of legal paperwork to deal with, assets to divide, potential custody matters to decide and your own emotional state to sort through.
Unfortunately, your spouse also knows this. They may take advantage of this state of distraction to attempt to hide assets. Thus, it is important to know what red flags to keep an eye out for.
What are hidden assets?
Forbes discusses how to find hidden assets in a divorce. First, what does the term “hidden asset” cover? It most typically involves a spouse’s attempt at hiding financial information to seem like they own and make less money than they do. They typically do this because they want to pay less for child support or alimony. They may also genuinely fear for their own financial stability and may attempt to hold on to more than their equitable share because of it.
How do you find them?
Next, how can you determine if your spouse has taken to hiding assets? Several things may give it away. First, pay attention to their behavior especially when discussing financial matters. Many people will seem anxious, nervous, or otherwise overly worried. They may even refuse to let you look at their financial documentation, even down to receipts for purchases.
Speaking of, keep an eye on their spending habits. A common tactic to hide assets involves buying expensive items. After the finalization of the divorce, they will return or sell the item to get their money back.
Likewise, watch out for sudden debt repayment. They may give a family member or friend a large share of the money, claiming it is for a debt they must repay. However, that person plans on returning the money to them after the divorce.
If you notice signs like this, consider contacting legal help. They can guide you as you try to get your fair share of assets.