What are some signs my spouse is hiding assets?

On Behalf of | Apr 6, 2018 | Blog, Firm News

If you are getting ready to file for divorce in the Derry area, chances are you have little to no trust in your spouse. As much as you want to believe that he or she will do the right thing and cooperate during the divorce process, you do not want to risk losing out on your fair share of the marital property. One thing you might not realize, especially if you have been planning to divorce for a while, is the possibility of your partner hiding assets.

It is not uncommon for people to hide assets to keep their spouses from knowing about it. Divorce is stressful enough without you having to worry about hidden money and assets. Review the following signs on how to find hidden assets so you can take measures to ensure you receive your fair share of them.

Transfer of assets to third parties 

Many spouses resort to withdrawing money from joint and investment accounts and transferring them to an individually owned account. They may also gift or loan them to friends and relatives so they do not count toward marital assets. After they reach a divorce settlement with their partners, they take the money back.

Overpayments to the IRS

If your spouse has a business or pays taxes throughout the year to the IRS, he or she may resort to making larger than usual tax payments. Overpaying the IRS enables your ex to receive the money back as a refund or use it to lower her or his tax obligations for the following year.

Conveniently forgetting about investment and retirement accounts 

Many spouses are not aware their partners have retirement and investment accounts. As a result, they lose out on them in their divorce settlements. You might not find many statements or correspondence for those accounts around, making it harder for you to validate their existence.

Tracing assets and money in divorce is not always easy. Fortunately, there are a variety of methods for you to use to find them. By paying attention to your spouse’s financial habits, hiring a forensic accountant, working with a financial advisor and utilizing the discovery process, you may be able to get what you deserve out of your divorce.