How to Know If Your Spouse Has Hidden Assets
During a divorce, one important factor that both spouses have to keep in mind is each other’s financial status. Many times, your spouse will try to hide money from you during the divorce process in order to keep these assets out of the asset division process. If you suspect that your spouse is trying to hide assets from you and the divorce, you have the right to investigate this and claim any portion of assets that are actually public property.
How Can I Determine the Assets That My Spouse is Trying to Hide?
Hopefully your spouse is honest during the divorce process and is not trying to hide any finances from you, but if they are, it is important to know how you can find these assets, or how you and your attorney can examine any financial accounts or documents to help find them. First, it’s important to know that California is a community property state, which means that all marital assets and finances will be divided equally among both spouses. For the asset division process to run smoothly, you and your spouse should have all business statements and financial records together. If you are suspicious, however, that there are hidden assets involved, you can look at:
- Delayed bonuses or raises: if your spouse had a bonus or raise before the divorce, that extra money should be included in the marital estate, which means it will have to split with you through the asset division process.
- Unreported income: Sometimes, your spouse will try to pocket any cash without reporting it on his or her tax returns and financial statements. If you realize that your spouse always has unexpected cash flowing, or if you feel your lifestyle costs are greater than your combined incomes, your suspicion is worth following.
- Debt repayments: Your spouse might have an outstanding debt and will use his or her savings to pay it off rather than split the money with you.
- Fake payments or transactions: Your spouse could also be attempting to collude with a family member, friend, or someone else to pay for fake products or services, so it’s important for you to carefully examine all business and personal transactions.
- Suspicious expenses: In general, if there are any odd transactions or paid expenses that you’ve noticed by your spouse, you can suspect that there are hidden assets involved.
Our divorce attorneys can pair up with you and help you through this asset division process, as well as investigate all financial records with you to determine if your spouse is hiding assets. Contact us today for a consultation.