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4 signs your spouse is hiding assets during divorce

On Behalf of | Jun 6, 2020 | High-net Worth Divorce |

California is a community property state, according to The Judicial Branch of California. Any debts, assets or income acquired by you or your spouse during your marriage are part of your marital estate. When you get a divorce, the court will typically divide any community property and community debts equally between you and your spouse.

Your spouse may try to hide certain assets during the property division process so he or she can keep more after you finalize your divorce. Your spouse may do this secretively, so you should become aware of some of the most common signs he or she could be hiding assets from you.

  1. Your spouse becomes secretive about financial issues

If your spouse is trying to hide assets during your divorce, he or she may try and stop you from looking over joint credit card and bank account statements. Your spouse may also shred paper statements before you can see them or change the passwords to your online bank account.

  1. You find unfamiliar account statements

Statements from bank or credit card accounts that you do not recognize may indicate that your spouse has opened a new account without your knowledge. He or she might use them to stash money away from your shared accounts. You should watch out for bank statements for accounts that only list your spouse’s name on them.

  1. Your spouse starts buying expensive assets

Your spouse may start to buy expensive assets, like jewelry or artwork, in an attempt to skew your marriage’s worth. Your spouse may do this by converting your money into tangible assets and then underreporting the value of these items during property division negotiations.

  1. Your spouse opens a separate account

Your spouse may try to keep money away from you if he or she opens a new account and has income deposited into it. Your spouse may also try to hide money from you by opening up a new account in your child’s name and Social Security number, claiming that it is for their benefit.