When going through divorce, the last thing you want to do is make the process harder on yourself. On its own even in the best of circumstances, divorce will cost you a lot of time, money and peace of mind.
Unfortunately, there are some spouses who would try to use this period of exhaustion and confusion to their own gain. For this reason, you need to keep an eye out for attempts to hide assets. But what does this mean?
What are hidden assets?
According to Forbes, there are ways to spot signs of hidden assets. First, what are hidden assets? In short, a judge needs access to accurate financial information to decide an equitable or equal distribution of assets during divorce. They use this information to decide who gets what and how high to set alimony payments or spousal support.
In other words, if a spouse hides assets, they look like they have fewer than they actually do. This in turn nets them smaller support payments. It also allows them to keep more of their assets than they otherwise would. This can make life after divorce harder for you, as you do not have the full amount of support that you should.
What are the red flags?
So how can you tell if your spouse is trying to pull the wool over your eyes? First, look for unusual behavior. Are they acting suspicious? Nervous? Anxious? Do they refuse to share financial information with you, even if it is as innocuous as a receipt? This could indicate they have something to hide.
Pay attention to sudden changes in financial habits, too. Buying and reselling expensive items and faking debt repayment are both popular ways to hide assets. If you notice anything amiss, consider contacting legal help.