How Can you Tell if a Spouse is Hiding Assets?
When a couple divorces, their marital assets must be divided between them equitably. This is only possible if both partners are honest about their assets. Otherwise, it is possible for one partner to exit the marriage with an unfairly large share of their marital assets, especially if one partner handled all of the couple’s finances during the marriage.
If you think your spouse could be hiding assets in an effort to keep them from you and the court, discuss your concern with your lawyer. Our team of experienced Denver divorce attorneys can help you determine if your spouse is hiding assets and if so, take the necessary steps to take control of those assets and ensure that they are divided appropriately. Below are a few signs that an individual is hiding assets.
Your Spouse Refuses to Share Financial Information with you
When one spouse is more financially savvy than the other and controls the couple’s finances, this spouse is in a position to hide assets from the other. If your spouse is not willing to answer your questions when you ask about your shared finances, if he or she seems secretive or defensive about your financial accounts, or if your spouse’s answers to your questions seem inconsistent or dishonest, he or she could be hiding assets.
Your Spouse Recently made Large Cash Purchases or Transfers
One way an individual can hide assets is to make large cash purchases, like buying hobby equipment or a new vehicle in cash. Money cannot be traced as easily when it is converted to cash.
Another asset-hiding tactic is to transfer money to secret accounts or into accounts held by other parties, such as your child. If your spouse suddenly owes debts to friends or relatives or has to suddenly pay new employees or contractors, this too can be a sign that your spouse is hiding assets.
You Find Documentation of Accounts you Do Not Recognize
As mentioned above, a new bank account can be used to hide assets. If you find statements and other documentation related to an account you do not recognize, understand that this could be an account used to keep marital assets from you.
Your Spouse Opens a PO Box
Some individuals take their asset-hiding attempts further by opening PO boxes and sending all documentation related to their secret accounts to them. If your spouse opens a PO box, you have the right to question why he or she did so and investigate the box’s use. Your lawyer and a forensic accountant can help you track down any hidden assets from your marriage.
Work with an Experienced Denver Divorce Attorney
In any divorce, the couple’s marital assets have to be divided equitably. To learn more about the equitable distribution of marital assets and other aspects of a divorce, contact our team of Denver divorce attorneys at Nicholas Family Law today to schedule your initial consultation with us.