Think Your Spouse is Hiding Assets? Here are Some Warning Signs

Property division is one of the most highly disputed terms in any divorce. Transparency is important to help ensure the process is a smooth one. Unfortunately, not all spouses play fair during divorce and there are times when one party in a divorce may try to hide assets. Hidden assets are particularly common in high net worth divorces, or in cases that involved one spouse who managed the household finances during the marriage.

Under the law in Florida, both parties must provide full disclosure regarding the property they own during divorce. Withholding or concealing assets can incur harsh legal penalties, as it undermines the entire process. Below, one of our Tampa asset and bet attorneys outlines the common warning signs to watch for.

Changes in Your Spouse’s Behavior 

Hiding assets relies on secrecy and this can cause changes in your spouse’s behavior. It is important to watch for:

• Refusal to share information: If your spouse suddenly changes passwords, will not talk to you about finances, or locks you out of accounts, it may be a sign that they do not want certain assets discovered.
• Refusal to share documents: Certain documents, such as bank statements or tax returns, can prove income, assets, and more. If these documents suddenly become destroyed or lost, it may indicate that your spouse is hiding assets.
• Defensiveness: If your spouse suddenly becomes defensive when you ask them about funds or assets, or their answers are very vague, it may also be a sign that they are hiding assets.

Changes in Your Spouse’s Spending

Changes in your spouse’s spending habits can also indicate they are hiding assets. These may include:

• Gifting funds: Giving money to close friends, family members, or unknown parties is a common way spouses try to hide assets during divorce.
• Withdrawing large amounts of cash: If your spouse suddenly drains their bank account, or a joint account you share together, this may be because they are trying to protect the funds from division.
• Overpaying debt: Spouses sometimes purposely pay too much on their taxes or other bills so they can obtain a refund once the divorce case is over.

Changes in a Business or Income 

If your spouse has a business, they may try to manipulate their debt or profits to hide assets. Others may try to falsify their income. Some of these signs are as follows:

• Exaggerating expenses: Suddenly claiming business losses or increasing expenses to reduce profits are both signs of hidden assets.
• Falsifying debt: A spouse may create fraudulent debt or overstate the amount of debt they owe to lower their net worth and hide assets.

Our Asset and Debt Attorneys in Tampa Can Help You Discover Hidden Assets

If you think that your spouse is trying to hide assets during your divorce, it is important to speak to our Tampa asset and debt attorneys. At All Family Law Group, P.A., our experienced attorneys will conduct an investigation and reach out to our network of experts to locate hidden assets so you obtain a fair settlement. Call us today at 813-672-1900 or contact us online to schedule a free consultation and to learn more about how we can help. Se Habla Espanol.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html