When it comes to asset division, you and your spouse need to remain open and honest about all of your assets. However, some individuals may attempt to hide their assets to avoid sharing them in the split.
Hidden assets take many forms, including undeclared bank accounts, real estate, investments or personal property.
Examining financial records
Examining financial records may reveal hidden assets. Review bank statements, tax returns and credit card bills, looking for unusual transactions or discrepancies. Look for unusual or unknown expenses or transactions. Your former spouse may try to transfer money to a new account or to the account of a friend or family member.
Investigating lifestyle and spending habits
Compare the spouse’s reported income with their lifestyle. If the lifestyle seems more lavish than the reported income, hidden assets might be funding it. Tracking expensive purchases, travel and other high-cost activities can uncover hidden wealth.
Searching for physical assets
Look for items like real estate properties, vehicles, jewelry and artwork missing from the inventory list. Check storage units, safe deposit boxes and any second homes.
Using online resources
Public records databases can reveal property ownership, business affiliations and other financial interests. Social media platforms can also reveal information about spending habits and vacations.
During a divorce, monitor for any changes in your spouse’s behavior. A spouse considering hiding assets may start changing passwords, closing accounts or withdrawing large amounts of cash. If you find that your spouse wants to go shopping or has a sudden interest in large purchases, it may be their way of hoarding assets so that you receive less in the divorce.
