Spouses may hide property or assets if they feel that the marriage may be heading for a divorce. With most states dividing property equally between spouses when the couple divorces, spouse’s that possess more assets than their partner, may choose to hide their assets to ensure that they receive more. Here are some warning signs that will help you know if your spouse is hiding their property or assets.
- Financial secrecy – Spouses who hide marital finances will be more inclined to conceal money and other property. Often these spouses will also manage the marital finances and provide little to no information on how money is spent or saved.
- Flamboyant spending – If you spouse known to buy luxury goods, cars and frequently take trips on holiday, he/she may be hiding more assets.
- Claims of business failure – Spouses may try to hold their business in a divorce as they may feel that they should maintain control of their business. Therefore, some spouses may say that their business is not doing well and suddenly say that it is going bankrupt. They may also say that they have sold their portion of the business, but often they have sold their business to a family member or to another partner with the intention of buying it back later.
- Lost financial records – Spouses who want to hide their assets may declare that they have lost documents and financial records.
If you feel that you are being unfairly treated, speak to a reputed lawyer who is experienced in handling divorce cases for advice and guidance.