Going through divorce, the last thing you want to deal with is a spouse making things harder for you than necessary. Unfortunately, this is an issue many divorcees will face during the process of the split.
One of the less direct ways in which you could face this comes in the form of asset hiding. A spouse may hide assets for many reasons, but the end result will cause you harm. Thus, it is prudent to know the signs so you can take action against them.
Spending more to keep more assets
Forbes examines the potential red flags that you might notice if a spouse is hiding assets. There are many ways in which someone may begin to hide assets, but it often starts with obfuscating financial data. In other words, if they refuse to let you review their financial information, it could be an immediate warning sign that something is amiss.
Pay attention to their spending habits, too. Do they suddenly have a taste for the finer things in life, like expensive electronics or even cars? It is possible they are purchasing big-ticket items now with the intent to resell or return them after the finalization of the divorce.
Repaying nonexistent debt
Similarly, a common tactic involves “repaying” false debts. A spouse may do this by handing money over to a friend or family member, claiming they owe the sum. However, this person will return the money after the divorce, ensuring it is not included in asset division.
You may find more evidence in paper trails and electronic records. However, this is work best left up to forensic financial analysts, whose help may aid you greatly during the split.
