Divorce is emotionally trying and can become contentious. If you suspect your spouse is hiding assets, it can make an already difficult process even more stressful. While not everyone tries to hide assets, it is important to be aware of potential red flags.
There are several signs that your spouse may be concealing joint assets or income.
They suddenly have new possessions
If your spouse suddenly acquires new expensive items like jewelry, art, cars or other big-ticket purchases without explanation, it could be a sign they are hiding assets. You should ask for scrutiny of any large expenditures to determine the source of funding.
Their lifestyle does not match their income
If your spouse’s spending habits do not seem to align with their income, it may indicate they have additional sources of money. Pay attention if their lifestyle seems too extravagant for their known salary and assets.
You do not have access to all accounts
Married couples typically have joint accounts and share financial information. If your spouse is unwilling to provide transparency into all accounts or share statements, it could point to hidden assets. Check your credit history for any accounts you were unaware of and look for records of account statements that could reveal undisclosed funds.
No one wants to believe their spouse would deceive them financially. However, being aware of warning signs can help you have a fair and equitable divorce settlement. Approach the situation calmly and avoid making accusations without proof. With honesty and transparency, you can move forward in a positive direction. A forensic accountant can also help with uncovering potentially hidden accounts.