Warning Signs that Your Spouse is Hiding Assets During Divorce

Property division is one of the most contentious in any divorce case. To ensure that it proceeds smoothly, transparency is of the utmost importance. Sadly, not everyone plays fairly. A common concern is that one spouse is hiding assets. This is particularly common in cases when one spouse mainly managed the finances during a marriage or in cases when one spouse has a high net worth.

Both spouses in a divorce must provide full disclosure regarding assets and liabilities. Concealing or withholding property undermines the process and can come with harsh legal consequences. Our Orlando property division lawyer outlines some of the biggest warning signs of hidden assets below.

Behavioral Warning Signs 

A spouse who is hiding assets often engages in secretive behavior. Some of the warning signs are as follows:

• Secrecy regarding finances: If your spouse becomes secretive about finances, locks you out of accounts, changes passwords, or refuses to share documents, it may be a sign that they are hiding assets.
• Defensiveness: A spouse who is hiding assets may become defensive when you ask them about property or funds, or they may only provide vague answers.
• Missing documents: Important documents such as tax returns or bank statements may suddenly, and conveniently, become lost or destroyed.

Spending and Transactional Warning Signs

Analyzing your spouse’s transactions or spending habits can also alert you to possible hidden assets. These warning signs include:

• Stockpiling cash: Withdrawing large amounts of cash frequently or often ‘running low’ on cash can indicate hidden assets.
• Gifting money: Regularly gifting money to family members, friends, or unknown parties is a sign of hidden assets.
• Overpaying debt: People sometimes purposely overpay debts, such as their taxes or other bills, in order to receive a refund after the divorce is finalized.

Manipulating Income and Business Warning Signs

Spouses may manipulate their income or, if they have a business, profits and debt to hide assets. The warning signs of this include:

• Inflating lost income or expenses: Increasing expenses to lower the profits a spouse reports or suddenly claiming business losses can be signs of hidden assets.
• Creating fake debt: Exaggerating the amount of debt they owe or creating fraudulent debt can lower one’s net worth and show an effort to hide assets.
• Underreporting income: Hiding the profits of the business or failing to send invoices out until the divorce is finalized can also be a sign of hidden assets.

Our Property Division Lawyer in Orlando Can Discover Hidden Assets

If you believe that your spouse is hiding assets to protect themselves during divorce, you need legal help. At Anderson & Ferrin, our Orlando property division lawyer can determine if your spouse is hiding assets and advise on the ways to discover them so you are treated fairly and receive the fair settlement you are entitled to. Call us now at 407-412-7041 or fill out our online form to schedule a consultation with one of our experienced attorneys and to learn more about how we can help with your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html