What to Do if You Suspect Your Spouse is Hiding Assets During a Divorce

Divorce is challenging enough without the added suspicion that your spouse might be hiding assets. Unfortunately, asset concealment is a tactic some individuals use in an effort to gain an unfair advantage during divorce proceedings. If you suspect this is happening in your case, it’s critical to act quickly and strategically to protect your financial future. At Corri Fetman & Associates, Ltd., we understand the complexities of divorce and are here to provide guidance on what you should do if you suspect your spouse is hiding assets.

Signs Your Spouse May Be Hiding Assets

Spotting red flags early can make a significant difference. Some common signs of potential asset hiding include:

• Sudden changes in spending habits – Instances of unusually extravagant purchases or a sudden frugality could signal shifts in financial behavior.
• Unexplained withdrawals or transfers – Large, unaccounted-for withdrawals from joint accounts or transfers to unfamiliar accounts are worth investigating.
• New accounts or investments – The creation of new bank accounts, investment accounts, or business ventures without your knowledge might be attempts to divert funds.
• Unusual behavior around financial statements – Being secretive, protective, or evasive about documents like tax returns or bank statements could indicate concealment.
• Investments in hard-to-trace assets – Items like art, jewelry, or collectibles may be purchased purposely to hide money in plain sight.

If these behaviors sound familiar, it’s time to address your concerns promptly. Allowing delays not only risks your financial interests but also gives the other party more time to obscure their actions.

Steps to Protect Yourself and Your Assets

The thought of confronting financial dishonesty can feel overwhelming, especially during an already emotional time. However, you don’t have to go through it alone. Here are crucial steps to consider:

1. Gather financial records – Start by collecting as much documentation as possible, including bank statements, credit card records, tax returns, investment portfolios, business records, and asset appraisals. These documents are essential for identifying and tracking transactions that might indicate hidden assets.
2. Consult a divorce attorney – Consulting with an experienced divorce attorney is pivotal. Attorneys skilled in handling cases involving asset concealment can guide your next steps, protect your legal rights, and develop strategies tailored to uncover hidden funds. A knowledgeable attorney may also help you understand the legal implications of your spouse’s actions and how they can impact the outcome of your case.
3. Hire a forensic accountant – Forensic accountants specialize in unraveling complex financial situations. They can trace cash flows, review tax records, and uncover accounts or investments that may not have been disclosed. Their insight is invaluable when dealing with elaborate efforts to hide wealth.
4. Leverage legal tools – Your attorney may issue subpoenas to financial institutions to access records or depose your spouse under oath, requiring them to provide answers about their financial dealings. These formal tactics can unearth hidden assets that may be critical to your case.

Legal Implications of Hiding Assets

Hiding assets during divorce is illegal. Courts take such behavior seriously, and individuals caught concealing assets often face severe consequences. This can include monetary penalties, negative rulings on the division of property, or even criminal charges in extreme cases. By addressing concerns of asset concealment proactively, you can ensure a fair and equitable settlement.

Navigating a Difficult Time with Support

We understand the emotional toll and uncertainty that comes with suspecting dishonesty during a divorce. At Corri Fetman & Associates, Ltd., we are here to provide the guidance you need to protect your financial interests. With the right support, you can move forward with confidence, knowing every asset has been accounted for and your rights are safeguarded.

Navigating this difficult time is challenging—but you don’t have to do it alone. Contact us today for a consultation, and we’ll help you uncover the truth while ensuring your financial future remains secure.