Divorce can be a challenging process, and ensuring a fair division of assets is important for both parties involved.
Unfortunately, some spouses may attempt to hide assets to gain an unfair advantage.
1. Unexplained financial discrepancies
One sign that your spouse may be hiding assets is unexplainable financial inconsistencies. Keep a close eye on bank statements, tax returns and other financial documents. If you notice discrepancies between reported income and actual spending, it could be a red flag.
2. Sudden changes in spending habits
Abrupt changes in spending habits may indicate an attempt to conceal assets. If your spouse begins making large purchases, transferring funds to unfamiliar accounts or engaging in unusual financial behavior, it is worth investigating further.
3. Unexplained debt or liabilities
Hidden assets may also come in the form of unexplained debts or liabilities. Your spouse might incur debts under false pretenses, hoping to offset the value of certain assets. Scrutinizing any unexpected debts can help reveal attempts to manipulate the financial landscape.
4. Inconsistent business practices
If your spouse owns a business, be wary of inconsistent business practices. Some individuals may undervalue or manipulate the financial status of their businesses to diminish the assets subject to division. Keep a close eye on financial records related to any business interests.
With the U.S. divorce rate of 2.5 per 1,000 population in 2021, it is clear that not all marriages last. For people in the midst of separating, discovering signs of hidden assets during a divorce is important for achieving a fair settlement.