There are numerous factors to settle during divorce proceedings and property division is at the top of the list. In an ideal world, you and your spouse will reach a fair compromise promptly. You may even have settled most concerns previously by executing a prenuptial or postnuptial agreement. But, if no prior arrangement has been reached and no compromise can be made, then the family court will settle property division according to the doctrine of equitable distribution. Essentially, this means that all marital property will be divided fairly between you and your spouse.
To implement this doctrine, it’s vital that the court has access to all relevant financial information, such as bank statements and savings accounts. Unfortunately, there are occasions where one spouse may feel aggrieved about sharing assets equitably. They may attempt to hide assets to subvert the process. Make sure to keep a close watch for the following potential red flags that your spouse may be hiding assets.
During your marriage, perhaps you and your spouse shared accounts and had no secrets. You both contributed to the pot and agreed that the money was shared. But recently, you may have tried to access certain accounts and found that the passwords have changed. Being prevented from accessing joint accounts is one of the first signs that your spouse may be trying to move assets to another place so that they can ultimately hide them from the court and from you.
Gifts to family members
Your joint financial assets likely consist of more than money. Over the years, you may have assembled a collection of antique furniture, art work and other valuables. You may be shocked to learn that your spouse has gifted some of your favorite items to family members without your consent. This could be a ploy to hide valuable assets from the court and retain them once the divorce process has concluded.
If you suspect that assets are being hidden, it’s important to act quickly. Seeking legal guidance will help you to identify the appropriate steps to take to benefit your unique circumstances.