One sneaky tactic that your spouse may use as financial protection during your divorce is hiding assets. Many people in New Jersey resort to hiding assets before and during their divorces, not realizing that it is illegal and unethical for them to do so. Many of them also do not understand how it impacts the property division process. Your divorce situation may already be stressful enough without you having to worry about your spouse trying to cheat you out of your fair share of the marital property and assets.
Take some time to learn how to identify if your spouse is hiding assets so you can protect your rights and what is rightfully yours.
Methods used to hide assets
Your spouse can hide assets in many different ways. Not all of those ways are obvious or easy for you to discover on your own. You may need professional help to find all of the places your partner could be hiding money and assets from you. Below are some common indicators that your soon-to-be ex-spouse is attempting to deceive you and the courts about their financial holdings and worth.
- New custodial accounts
- Unexplained withdrawals from joint accounts
- Large payments to the IRS and creditors
- Loans to friends and family members
- Sudden transfer of stocks and assets
- ATM receipts for unknown accounts
You need to be aware of a few issues that you may encounter during your search for hidden assets. You should not open your partner’s mail or log into any of their accounts without their permission unless you are a joint owner of those accounts. Even though you and your partner are still married, you should not resort to breaking laws and engaging in unethical behaviors to uncover information you need.
Discovering your partner’s assets is not an easy task, especially if they have been hiding them for some time. You need proof that they are withholding financial information from you and the courts. If you suspect that your partner is seeking to deceive you financially to keep you from receiving your fair share of their assets, you should speak to an attorney about the matter for guidance.