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Is your spouse hiding assets?

On Behalf of | Jun 18, 2021 | Divorce |

When going through a difficult divorce, you may struggle to spread your attention thin. Unfortunately, a spouse may attempt to take advantage of this. This is especially true if you have high assets that can help obfuscate any attempts at hiding assets.

However, there are ways you can tell if a spouse may be trying to pull one over on you. The first thing you can do is focus on these potential red flags that may point to hidden assets.

Repayment of “old debt”

Forbes takes a look at the potential of a spouse hiding assets during divorce. Spouses will hide assets for many reasons and in different ways. However, the same methods often appear over and over again in multiple cases. You can start your look here.

First, see if your spouse is repaying any sudden “old debts”, especially if they are to family members or friends. A common tactic involves handing money over to an accomplice, claiming it is payment they owed. Then, after finalizing the divorce, they will collect this money back.

Faking an employee

Next, keep track of business expenses. If your spouse runs a business, they might also hide away money by creating a fake employee. They must pay this “employee” with a paycheck, which goes right back to their pocketbook as no one can actually collect it.

Third, watch out for an increase in expensive purchases. If your spouse suddenly starts buying a lot of TVs, motorcycles, expensive art and more, they might intend to sell or return it after the finalization of divorce.

If you notice any of these signs, consider seeking legal help. They can help you contact forensic financial analysts who can aid you.