During divorce proceedings, both spouses are required to provide full disclosure of their income, debts and assets. This helps the court determine an equitable division of marital property. However, it’s not always the case.
If your spouse hides assets or doesn’t disclose them to the court, the division won’t be fair. You could lose out on money you’re entitled to, which can impact your financial security long after the divorce. Here’s how you can protect your interests if you suspect hidden assets in your divorce.
Know where to look
Hidden finances aren’t always easy to spot, especially when someone is trying to keep them under the radar. Some red flags you shouldn’t overlook include:
- Secret bank or brokerage accounts
- Undisclosed income from side jobs or cash businesses
- Suspicious transfers to friends or family before or during the divorce
- Cryptocurrency or other digital assets stored privately
- Unreported valuable items like jewelry or collectibles
You may want to consider engaging financial experts specializing in forensic accounting or asset tracing if the hidden assets aren’t obvious. They can help dig deeper into bank records, tax returns and other financial data to uncover what your spouse has concealed.
Take swift action
It helps to know the law is on your side. Courts can impose serious consequences on a spouse who hides assets in a divorce, such as awarding a larger share of marital property to the honest spouse, fining the errant spouse or holding them in contempt of court.
However, the law can only protect you if you act quickly. Delayed action only gives your spouse more time to hide or move assets, making it much harder to recover what’s rightfully yours. Reaching out for urgent legal support can help you gather the right evidence and navigate the steps needed to ensure a fair division.