When a divorce looms, it is not uncommon for one spouse to suspect the other is hiding assets in an effort to fatten their share of the marital assets. If you don’t know what to look for, it is easy to be taken advantage of during this fragile emotional time in your life. The best thing to do to prevent this is to be proactive so if you detect signs that your spouse may be hiding assets, you can protect your fair share.
Here are some common signs that your spouse may be trying to hide assets:
- Keep an eye out for unfamiliar credit card or bank account statements, as this may be a sign there are accounts you know nothing about.
- Look for increased ATM withdrawal activity or ATM receipts from banks where you don’t normally do business.
- Watch for ACH payments on your joint account to accounts that are unfamiliar.
- Pay attention to receipts from grocery stores or other retailers that allow for cash back with a purchase.
- Buying expensive items like cars, artwork, or jewelry may be a sign your spouse is trying to convert cash into assets where the value is more subjective and the true value could potentially be under-reported.
- Look for custodial bank accounts in the names of your children, as this is an easy way to stash cash.
- Watch for unusual gifts or loans to friends or relatives, as your spouse could be transferring assets that will be returned to them after the divorce is final.
- If your spouse owns his or her own business, they could be listing ghost employees on the books as a way to transfer money.
- Keep an eye out for any charges from your local post office, which could indicate the existence of a P.O. box used for bank or investment account statements your spouse doesn’t want to go to your home.
- Look out for underreporting of income, especially if your spouse is paid in cash or other assets.
- If your spouse has opened a PayPal account without your knowledge, this could indicate that he or she is stashing away cash on the sly. Since everything is done online, you may need to check your computer’s browser history for evidence.
- It is not uncommon for spouses to hide cash around the home. Look in file folders, DVD cases, inside books, in containers in a garage or shed, or other unusual places.
If you think your spouse may be hiding assets, let your divorce attorney know and he or she can help you investigate and put the proper protections in place.
You deserve a legal team that will maintain trust, respect, and dignity throughout your divorce process, while still delivering high quality advocacy and superior outcomes. Protecting your interests and achieving results which supports your needs is what you can expect from Cistaro Law. Contact us today for your free consultation.