Not everyone comes to divorce with the right intentions. Some spouses seek to exploit the situation by hiding assets to prevent them from being divided during the proceedings. When this happens, you may end up with less than your fair share of the marital assets you worked very hard for over the years.
Therefore, it helps to be extra vigilant to ensure you do not get short-changed during the divorce. Identifying hidden assets and what you should do about them will help safeguard your interests.
Where should you look for hidden assets?
Bank and credit card statements, business records and income tax returns can provide evidence of your spouse’s illegal financial activities. Also, look out for any property transfers or suspicious transactions done in the months leading up to the divorce.
In some cases, you may need to consult a financial expert to unearth anomalies or follow the paper trail if your spouse went to great lengths to conceal their actions. Court orders can help with access to relevant information that you may need, such as a secret bank account.
What steps should you take after discovering hidden assets?
If you have evidence that your soon-to-be-ex tried hiding assets, you should bring it to the court’s attention. Such dishonest and immoral behavior is frowned upon in divorce court. Besides losing ownership of the said property, the court may impose various legal and financial sanctions on your spouse for lying under oath.
For you, the most important thing is that you protect your financial interests and legal rights. Divorce is bound to change your life in various ways — more so from an economic perspective. You cannot afford to lose out on what you are rightfully entitled to from the marital estate.