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Financial Infidelity and Divorce: What to Do if You Suspect That Your Spouse is Hiding Assets

Posted on in High Asset Divorce

b2ap3_thumbnail_divorce5_623.jpgFinancial infidelity in marriage is more common than most realize. In divorce, it is even more likely, and it can be devastating to the spouse left in the dark. In extreme cases, financial infidelity can lead to serious credit problems or divorce-induced poverty after the marriage has dissolved. If you suspect that you are the victim of financial infidelity during your divorce, know how to protect yourself. Learn how to spot asset hiding, and how you can effectively prevent it from damaging your financial future.

How Common is Asset Hiding?

According to a study from CreditCards.com, at least one in five married Americans admitted to spending $500 or more on a purchase without ever telling their spouse. However, the problem goes much deeper. Around 7.2 million individuals admitted to hiding a hidden bank account or credit card (4.4 million were men and 2.8 million were women) from their spouse or significant other. Keep in mind, these studies were done on unmarried couples, not those who were going through a divorce. If it had considered married couples, the numbers might be even higher since, in divorce, assets must be equitably divided among both parties.

How to Spot Asset Hiding

Spouses who are hiding assets are not always obvious about it. Some have been doing it for years. However, there are a few things to watch for if you suspect that your spouse may be hiding money or other assets from you during the divorce process. Be very suspicious if you notice any of the following behaviors:

  • They try to beat you to the mailbox on a regular basis;
  • A post office box that you do not have access to;
  • Locked file cabinets or drawers;
  • Secretive, evasive, or aggressively defensive when it comes to finances;
  • Disappearing documents or personal financial programs;
  • Sudden deficits in a personal business;
  • Reporting of a decrease in the value of marital or business assets and investments;
  • Multiple cell phones or cell phone numbers;
  • Disappearing furniture, jewelry, artwork, or other items of value;
  • Frequent trips to countries with more relaxed banking or tax laws;
  • Unusual purchases on seemingly trivial items; and
  • Any other strange or suspicious behavior.

What to Do if You Suspect Asset Hiding

When asset hiding occurs in a marriage, there is little recourse outside of trying to talk to your spouse about their hidden accounts. When it happens in divorce, however, there are actionable steps that you and your attorney can take to discover those assets and bring them into the process. Once assets are discovered, they will be deemed either a part of the marital estate (to be divided) or they will be excluded (belonging solely to your spouse). 

At Pucci Pirtle, we have the knowledge and experience to effectively assist you with asset hiding in a divorce. Dedicated to your best interests and financial future, we work hard to ensure that all marital assets are factored into your settlement. Learn more by contacting our Elgin, IL divorce attorneys for a personal and confidential consultation. Call 847-426-1866 today.

Source:

http://www.cnbc.com/2015/01/21/iding-money-from-spouses.html

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