When going through divorce, you already have more than enough on your plate. This can create distractions that your spouse may take advantage of, though. In particular, a spouse might rely on the distracting stress of divorce to attempt hiding assets.
This is a major issue that can result in huge penalties for your spouse if caught. If not, it can make life after divorce even harder for you. Needless to say, you want to have full awareness of the red flags that might point to hidden assets
Why do people hide assets?
As Forbes looks into ways you can find hidden assets, it is important to understand why it happens. A spouse may try to hide assets because they fear for their own financial stability. The driving factor might be spite: they do not think you “deserve” any of their assets. They will often go to great lengths to ensure this does not happen.
But depriving you of your fair share of assets can make getting back on your feet an extremely difficult task. Thus, you want to keep an eye out for all potential red flags. First, note their behavior regarding financial matters. Do they refuse to let you look at their bank statements? Their receipts? Do they act in a furtive, secretive or anxious way?
Spending habit changes
Next, pay attention to changes in spending patterns. There are two common ways to hide assets: through family and friends, and through physical purchases. For the first, your spouse may pretend they owe a debt to someone they know. They could “pay it off”, and then collect the money from the friend or family member later. For the later, they may buy expensive items with the intent to return or sell it after the finalization of divorce.
If you suspect your spouse of hiding assets, consider contacting legal help. They can give you aid in trying to get to the bottom of it.