You may have heard about cases in which a divorcing person tries to hide away some of their assets, thus depriving their significant other of their fair share during the asset division process. Unfortunately, asset hiding is more common than you may think.
You can keep an eye out for potential hidden assets in several ways, particularly by knowing what red flags to keep watch for.
Cash stashes
Forbes discusses ways in which a spouse may attempt to hide assets during the divorce. First, they may try to actually hide physical cash. Keep an eye out for sudden new lock boxes or other lockable private containers. Pay attention to if your spouse has taken to visiting a specific room frequently throughout the week, as they might have a hiding spot there where they keep their cash.
Changes in behavior
This will often go hand-in-hand with furtive, secretive or even guilty behavior. For example, your spouse may refuse to share their financial information with you, even down to a small receipt. You may need to rely on the power of a financial affidavit to get that information, even though you should technically have no qualms with discussing it openly.
Note any changes in their spending behavior, too. Many spouses will attempt to hide assets by transferring their cash assets to physically owned property. Judges will often spare property that an individual buys with their own money, as opposed to cash assets which often get split. Your spouse will likely return or sell their new pricy items after the divorce to get that money back.
If you notice any of these signs, contact an attorney to discuss your options, which may include enlisting the help of a forensic financial analyst.
