There are many assets and other aspects of your estate to account for when going through a divorce. It can be easy to overlook crucial elements when striving to accurately report your assets to the court, but a complicated property situation can also make it easy for a malicious spouse to intentionally attempt to hide certain assets.
Accurately reporting all marital property ensures that both parties receive their fair share in a divorce. It is important, therefore, for you to understand the implications if your spouse tries to hide assets from you and the court.
How does the act of hiding assets affect a divorce?
While it is difficult for an individual to successfully hide assets without their spouse or the authorities ever noticing, successfully doing so means that they will walk away from the divorce with a greater share of marital property than the other party. If it comes to light that your spouse is trying to hide assets, however, it will reflect poorly on them and will factor into a judge’s decisions regarding property division or even child custody going forward.
How can you tell if your spouse is hiding assets?
There are a few telltale signs that might indicate your spouse is attempting to remove assets from the marriage without your knowledge, including:
- Sudden withdrawals from joint accounts
- Unexpectedly closing personal accounts
- Spontaneous “gifts” to third parties
- Strange activity in the family business
If you have reason to believe that your spouse is hiding assets, it may be necessary to work with a forensic accountant to bring the true value of your shared property to light.
The act of hiding assets has consequences for the guilty party and can further prolong an already complicated divorce process. Protect your share of marital property by taking appropriate legal action.