You know that you must have a firm understanding of your assets when you file for divorce. This allows you to get a fair split under the current laws.
To help, you begin looking into your assets a bit more deeply than you have before. What you find is that, since you and your spouse have been informally talking about divorce, they have started making financial transactions you didn’t know about. Are they trying to hide assets?
What might this look like?
Any time there is a notable change, that should raise some red flags. But you also want to know how people may hide assets.
For instance, it’s common for people to make smaller withdrawals, which they think will go unnoticed. If your spouse does this for months, he or she can withdraw a significant amount of money, which now will not show up in your accounts.
To hide larger amounts of money, people will sometimes create stories about larger transactions. For instance, your spouse may claim to have some extra business expenses and funnel money into the company. They may claim to be giving a loan to a close friend when the whole point of the “loan” is just for the friend to hold the money for them. Another tactic is to create new accounts and stash money aside.
What can you do?
You can track down what your spouse has hidden — but it may take some experienced assistance, like a forensic accountant. It may be complicated, though, and the situation will likely be contentious. Be sure you also know what legal steps you can take to make things right and get what you deserve in your divorce.