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Specialty tag(s): Divorce

Is Your Spouse Hiding Assets During Your Divorce?

Thomas A. Greenwald | January 26, 2022

Even when both spouses are fully cooperative, divorce is often one of the most stressful, difficult experiences that people go through in their lives. When one spouse resorts to trickery and dishonesty, however, the divorce process can be harder still.

Unfortunately, perhaps because of the high stakes, uncertainty of the financial future,  and surging emotions that divorce often involves, spouses may not always be completely honest with each other when disclosing assets and sharing financial information.

Asset concealment

People conceal assets during divorce for a wide variety of reasons, including feelings of entitlement and even revenge. Whatever the reasons, however, asset concealment is wrong. When a spouse hides money, property or other assets during divorce, it can have a major impact on many different aspects of the divorce settlement, such as:

  • Unfairly skewing the property settlement in favor of one spouse.
  • Cheating children out of the full amount of child support they are entitled to by law.
  • Impairing the other spouse’s ability to provide for themselves after the divorce.

Warning signs that a spouse may be hiding assets

One of the best ways to protect yourself from asset concealment during divorce is simply to be aware of the risk and pay attention to what your spouse is doing. If you notice that he or she is engaging in any of the following behaviors, it could indicate that something is amiss:

  • Taking out unusual amounts of debt.
  • Paying off large debts.
  • Complaining of sudden financial hardships or business difficulties.
  • Being secretive or controlling about financial matters.
  • Opening new bank accounts.
  • Living a lifestyle that seems mismatched with his or her income level.

Talk to your lawyer about asset protection

If you suspect that your spouse may be trying to hide assets from you during your divorce, be sure to talk the situation over with your divorce lawyer as soon as possible. Your lawyer can work with you to develop strategies for protecting your assets during the divorce and will work hard to uncover assets that your spouse may be hiding.

Even if you have only just begun to think about divorce, it can be helpful to speak with a lawyer about the steps you can take now to ensure that your assets are thoroughly accounted for in the event that you decide to move forward with a divorce. For more information, speak with an experienced divorce lawyer in your area.

If you have concerns about your spouse hiding assets in divorce, please contact Tom Greenwald at 214-473-9696.

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