Discovering that a spouse may be hiding money during a divorce can be a disheartening experience, and it is important to approach the situation with caution and diligence. Financial dishonesty can significantly impact the division of assets and the overall divorce settlement. Understanding the signs and strategies for uncovering hidden finances and addressing them can work to your benefit.
What Are the Signs That My Spouse May Be Hiding Money?
These indicators may suggest that a spouse is attempting to conceal assets:
- Sudden Changes in Financial Behavior: If your spouse has recently altered their spending habits or suddenly becomes secretive about finances, it may indicate an attempt to hide money.
- Unexplained Withdrawals or Transfers: Large withdrawals from joint accounts or transfers to unknown accounts can be a red flag.
- Discrepancies in Financial Documents: Inconsistencies between tax returns, bank statements, and other financial documents can signal hidden assets.
- Unreported Income: If your spouse has received bonuses or commissions not reflected in joint financial records, this may suggest financial concealment.
- Excessive Use of Cash: A shift toward cash transactions can make it difficult to trace financial activities.
How Can I Investigate My Spouse’s Finances?
Gather all relevant financial documents if you suspect your spouse is hiding money. This may include bank statements, tax returns, credit card statements, and investment accounts. Pay close attention to any discrepancies or unusual patterns in these documents.
Examining statements from joint accounts for unusual transactions or withdrawals can provide additional insight. Obtaining a copy of your credit report is another valuable step; it can reveal accounts you are unaware of or recent activity that seems suspicious.
Tracking changes in income can also provide clues. Compare your spouse’s reported income with previous years to identify sudden increases that may indicate unreported income. Investigating whether they have opened accounts in their name only, as those could hold hidden assets.
What Legal Options Are Available If My Spouse Is Hiding Money?
If evidence indicates that your spouse is concealing assets, you may have several legal options to address the situation. A divorce lawyer can explain your rights and the best course of action. They can file formal requests for information, compelling your spouse to provide detailed financial records.
They may issue subpoenas to financial institutions to obtain information about accounts and transactions if necessary. Divorce attorneys often partner with financial forensic analysts who scrutinize financial discrepancies and can locate concealed funds.
In some cases, involving the court may be necessary to address hidden assets. The court can order your spouse to disclose financial information or impose penalties for non-compliance.
How Can I Protect Myself Financially During Divorce?
Protecting your financial interests during a divorce is vital, especially if concerns about hidden assets arise. If possible, open a personal bank account to manage your finances independently during the divorce process. Keeping thorough records of all financial transactions and communications regarding finances can provide valuable documentation. It is also wise to avoid making significant financial commitments, such as large purchases or loans, until the divorce is finalized.
What Should I Do If I Discover Hidden Assets?
If you discover that your spouse has been hiding money or assets, document your findings and consult with your lawyer to discuss your options. They can help you strategize ways to address the issue during divorce proceedings. Presenting evidence of hidden assets to the court can impact the division of property and financial settlements, so you will want trusted legal representation at your side to protect your interests and work toward the best possible outcome.
Experienced Marlton Divorce Lawyers at Burnham Douglass Uncover Hidden Assets During Divorce Proceedings
It is not unusual for spouses to hide assets during a divorce, but our skilled Marlton divorce lawyers help clients uncover them. For a free consultation, call 856-751-5505 or submit our online form. Located in Marlton and Northfield, New Jersey, Burnham Douglass serves clients throughout South Jersey, including Marlton, Evesham Township, Cherry Hill, Camden County, Burlington County, Northfield, and Atlantic City.