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Is your spouse hiding assets from you?

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If you are a woman facing a divorce who has never handled the financial aspects of your household, you are likely going in blind as to what your assets are and what you deserve. If your husband kept track of all your investments and accounts, he might try to hide some of those assets so that you do not receive them in the divorce. This trickery makes it harder for you to start over and prevents you from getting what you deserve. If you are getting divorced, watch for the following signs that your spouse may be hiding money from you.

Overpayment on credit cards

If you owe $700 on a credit card, but your spouse made a payment of $7,000, this can be a clear sign that he is trying to pad the account with a buffer before the divorce is final. Once that payment is made, he now has a cash balance of $6,300 to spend that will not come up in your divorce proceedings.

Inaccurate income reporting

Does your husband get paid in cash for some of the work he does? If he does and underreports his income when filing your taxes, it can affect the appearance of his income during the divorce. Anytime you notice your spouse reporting incorrect amounts to the IRS, take note.

Large cash withdrawals

As soon as you decide to move forward with the divorce or if you otherwise start to feel something is wrong, you should start investigating your accounts regularly. If you notice your husband removing large sums of cash from your account, this can be a clear sign he plans to hide that money to ensure that you do not get it.

Hiding assets during a divorce is illegal and can come with severe consequences for either spouse. Each spouse must sign a financial affidavit during a divorce that proves the information on the document is true. If you feel your spouse has been dishonest about his income or assets, meet with an attorney immediately to discuss your options.

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