Is Your Spouse Hiding Assets?

Divorce is one of the most stressful situations couples endure. There’s the heartbreak of love lost, combined with the division of assets and untangling of combined financial accounts. This challenging time has been said to bring out the worst in people, and unfortunately, it often does, especially when it comes to finances.

In court, marital assets are defined as any assets acquired during the marriage. These assets include property, earnings, bonds, stocks, retirement funds, insurance and more. Rhode Island is an equitable distribution state. When a divorce is granted, the court makes all reasonable attempts to divide assets and earnings fairly and equitably, though this does not necessarily mean an equal split.

If you think your spouse is hiding assets, you’ll need to prove your case. Our advice is to choose a law firm experienced in doing so. We’ve seen dishonest spouses get very creative in their attempts to hide assets. The seven signs you’re about to read are some of the most common indicators of financial deception. While not definitive proof, they are red flags indicating there might be an issue.

Seven Signs Your Spouse Is Hiding Assets

1. New bank accounts. Concealing money isn’t easy when you’re sharing accounts. If you notice your spouse is moving money around to different accounts or starting accounts, even if they’re custodial accounts, investigate further.
2. An increase in ATM cash withdrawals. When confronted, the deceptive spouse might get defensive, angry or use an excuse, such as a loan to help out a friend or family member in a “tough spot.”
3. Higher than average spending on bills that are usually consistent. Have your weekly shopping bills increased? This could indicate your spouse is getting cash back and stashing it away. While it might not seem excessive, these small amounts add up over time.
4. Statements or mail from banks you don’t use. Are you receiving letters from banks you and your partner don’t have accounts with? This could be an indicator that your soon-to-be-ex has opened up an account at a new bank.
5. Paying more on your taxes or significant increases in other bills. Another method of fraud is overpaying on taxes to get a refund after the divorce is final.
6. Dips in commission earnings, taking on fewer clients or other employment-related financial activity. If your spouse’s earning deviates from the norm during your divorce proceedings, take note. This could indicate your spouse is trying to defer income or avoid having to report it.
7. Reluctance to divulge financial info. Is your soon-to-be-ex acting different about finances? Are they reluctant to discuss money-related issues, that were once considered fair game? This could be a red flag that they are trying to move assets or deceive you. Now is the time to take control of your finances and figure out what’s going on.

If you have a suspicion that your spouse is hiding money, you owe it to yourself to find out. What they’re keeping from you might dramatically change your financial situation. There are many steps you can take to find your missing money, but the first and most important is to contact a reputable law firm.

When it comes to hidden assets, Kirshenbaum Law Associates has the experience and track record of success to get you the best financial outcome. Contact us today.