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When things aren’t adding up, could hidden assets be to blame?

| Apr 17, 2020 | Divorce |

When someone goes through a divorce it is normal to be concerned about their finances after it is finalized, but some people also see signs that there may be cause for greater concern. Maybe they have checked the mail and found statements in their spouse’s name from unfamiliar banks. Their spouse could loan large amounts of money to the people close to them. They may even find that there are unexplained withdrawals from a joint bank account.

Whatever the reason, these little clues that something isn’t adding up can have a big impact on divorce. If you suspect that your spouse may be hiding assets from you, acting quickly could be key to making sure you are treated fairly when it comes time to divide your property.

Hidden assets are more common than you might think.

As many as 41% of adults may be hiding financial details from their spouse or partner. This can range from hiding their spending habits to hiding a separate account from their partner, and this kind of deceit can be a problem for couples dividing their assets during a divorce.

Finding hidden assets is essential.

Hidden assets can mean that you miss out on receiving your full share during a divorce. Whether your spouse has been hiding money from you for some time or they began doing so recently, this financial deceit means that there is less money, property and other assets considered during property division. While the division may seem equitable, the truth is that your spouse has hidden what should have been considered as part of your marital property.

This financial deception doesn’t have to damage your future finances, however. If you suspect that your spouse has been hiding money or other property, your attorney can examine financial records including bank statements and tax returns during the discovery process to seek out inconsistencies. They could also formally question your spouse about some of the red flags that you have seen.

Through a thorough discovery phase, you can ensure that you receive your fair share of property and start your single life with a stronger financial foundation.