In a divorce, there is a lot at stake. In an amicable divorce, both parties are upfront and honest about assets, finances, and other important elements. However, when there is a lot of resentment and acrimony, there may be a lot of lies. Property is split in a divorce, so one party may go as far as to even hide assets from their spouse.
While people may think of this as a good way to keep assets away from their spouse, hiding assets is illegal. In a divorce, there needs to be full disclosure of all the marital assets. When someone hides them, it is unfair to the other spouse. They lose out on their fair share.
How can you tell if your spouse is hiding assets? Here are some signs you should look for.
Does your spouse deny you access to bank accounts? Do they have all the account information and passwords? Do you have any idea what household bills you have? If not, then watch out. Your spouse is likely trying to hide assets, and because you are not aware of how much money or assets you have, this will be easy for them to pull one over on you unless you take action.
Not everyone who has a business is doing nefarious things, but owning a business is a good coverup for illegal activities. For example, a business owner may fudge numbers on tax returns. It is not uncommon for business owners to hemorrhage money from their business just before a divorce and then claim that their business is suddenly losing money. Some business owners may also create fake employees in order to take money for themselves.
Did your spouse buy an expensive sports car or fancy jewelry just before the divorce? Did they drop a lot of money on collectibles or make other large purchases that seem out of character? If your spouse is suddenly going on a spending spree, it is likely because they ire making it so there is less money to split in a divorce.
If your bank account is missing large sums of money (like tens of thousands of dollars), your spouse may claim that they are loaning the money to friends or family members. This is a common scheme when hiding assets. They may be hiding money with other people, but then once the divorce is finalized, they may get the money back.
In a marriage, both parties should be aware of household finances. When one party is in the dark or is being lied to about money, it could be a sign of hidden assets.
The team at Virginia Family Law Center can assess your situation and see if your assets are in order. Make sure you get the assets you deserve in a divorce. To schedule a consultation with our office, fill out the online form or call (703) 865-5839.
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