Marital property is divided in divorce, a situation that sometimes tempts one spouse to hide assets from the other to keep wealth out of property division proceedings. If you are going through a divorce or see one on the horizon, here are five red flags that your soon-to-be-ex may be hiding assets from you:
- Loss of control: Passwords have changed and you can no longer access your online bank accounts. Bills stop showing up in the mail. If you are being shut out of your shared financial information, it may be because there are transactions your spouse doesn’t want you to know about.
- Paperwork and pressure: You should always have time to thoroughly review documents before you sign them. If your spouse is shoving papers in your face and pressuring you to sign them and to do so quickly, it may be a sign something is amiss.
- The side business is hurting: Here is the situation: Your spouse is self employed or has a side business that usually generates income, but that revenue flow has suddenly dried up. Has it really? Or has it just been diverted from on-the-record accounts to other destinations.
- Luxury purchases: Do your spouse’s recent purchases exceed what you believe his or her purchasing power to be? If your spouse purchases a new car, an expensive vacation or other high-price item, you have to ask yourself: Where is that money coming from?
Prior to divorce, your financial interests were linked with those of your spouse. Now that divorce is here, it is time to start looking out for your own interests. One step you can take in the right direction is to work with a skilled divorce lawyer who knows how to handle complex issues like uncovering hidden assets.