Going through the process of divorce is confusing enough without throwing in worries and suspicions that your spouse may be hiding assets. Unfortunately, that is a fairly common occurrence in Marietta divorce cases, whether or not the couple has significant assets to divide.
But according to family law attorney Miles Mason, these fraudulent and harmful actions rarely go reported out of embarrassment and shame. “Spouses married to persons lying, cheating and stealing in the divorce become demoralized,” he said. “Victims blame themselves and want to settle for less than a reasonable settlement.”
Regardless of these powerful emotions, it is in your best interest to report any suspicions of fraud. The divorce decree will likely dictate the next several years of your financial well-being, and it is important to get a fair settlement.
There are a few common ‘red flags’ that may indicate that your spouse is hiding assets. For example, watch for situations in which he or she insists on maintaining complete control of account information and passwords, is secretive about finances, or deletes information or programs pertaining to money from the computer. In addition, if your spouse acts pushy about getting your signature on tax returns or other financial documents or proposes undergoing any new financial processes, he or she may be hiding assets.
You should also watch for simple financial irresponsibility, such as if your spouse reports a decrease in income while simultaneously going on a spending ‘binge,’ buying flashy items such as vehicles, jewelry or art.
If you suspect that your spouse is hiding assets, you should inform your Georgia family law attorney as soon as possible to discuss your possible next steps.
Source: Forbes, “21 Signs That Your Husband May Be Hiding Marital Assets During Your Divorce,” Jeff Landers, Mar. 20, 2012