When a spouse starts thinking about getting a divorce, he or she may try to hide assets. There are dozens of ways to do this, especially when the spouse owns a business. Hiding community property or transferring title to it without informing the other spouseis unethical and underhanded. If this activity comes to the attention the court in a divorce case, the offending spouse could be punished.
How Can You Tell When A Spouse Is Trying To Hide Assets?
These are some of the signs that a spouse is trying to disguise or hide community assets:
Bank and financial account statements are no longer being delivered to your home.
Bank or financial account statements are now being delivered electronically, and you do not have access to your spouse’s email account.
Your spouse has multiple bank accounts.
Your spouse has multiple cellphones.
Your spouse purchases small items such as coins, stamps or collectibles for which there is a ready re-sale market. This can happen slowly over time.
Your business owner spouse hires new employees, but without a corresponding increase in the business’s revenues. These could actually be phantom employees.
Over payments to credit card companies, the IRS or other creditors. Your spouse may do this thinking that he or she could get a refund after the divorce.
A sudden decrease in income. This could indicate that your spouse has chosen to defer salary, bonuses or commissions until after the divorce.
Your spouse is evasive when you ask questions about finances.
Through the use specialists such as a private investigator or forensic accountant, it may be possible to locate the assets. In a divorce action, the court may penalize the offending spouse by awarding a disproportionate share of the couple’s community assets to the other spouse.
