Signs Your Spouse is Hiding Assets in Your Divorce

 Posted on May 07, 2024 in Divorce

During divorce proceedings, issues concerning property division often become a hot point. The whole situation can get a lot messier when one spouse attempts to conceal assets. To ensure you know what red flags to look for, discuss with your attorney any concerns you may have about your spouse potentially hiding assets. With the support of a prestigious and reputable law firm like The Stogsdill Law Firm, P.C., those going through a divorce can feel confident that his or her best interests are always a top priority.

Watch Out for Unusual Cash Withdrawals 

While it is normal to have the occasional cash withdrawal for day-to-day expenses, regularly occurring or large withdrawals that are different from the norm should grab your attention. A sudden increase in cash transactions could be a deliberate attempt to stash money away undetected. To combat this deceitful asset-concealing strategy, make sure to regularly review bank statements. By periodically reviewing statements, you can spot any strange activity sooner rather than later. The key to unveiling hidden assets is by being as vigilant as possible. Keenly observe and question unusual transactions. Your lawyer will greatly assist you as you look for unusual activity on bank statements.

Spotting the Overpayment Tactic

Overpaying taxes is one difficult but potentially effective way of hiding assets. If your spouse overpays the IRS on purpose, this surplus of funds can later be claimed back as a tax refund once your divorce finalizes. If you notice activity like this happening, it may be worth involving a forensic accountant in your case. The forensic accountant will then work alongside your lawyer to take an in-depth look at your tax returns and other important financial documents, ensuring financial transparency in your divorce.

Taking a Deep Dive into Unusual Activity in Financial Documents

Perhaps the biggest red flag and a sign your spouse may be hiding assets from you is inconsistencies on financial statements. Look out for frequent changes, deletions, or misleading information, as these kinds of things should be cause for concern. You may find inconsistencies in income reports, alterations in investment portfolios, and more. While it may seem a little overwhelming to decipher this kind of information, a proficient divorce attorney skilled in uncovering financial fraud in divorce can provide proper assistance.

Contact Our DuPage County, IL Divorce Attorney 

Asset division in a divorce ought to reflect fairness and transparency, as opposed to deceitfulness. If you are blindsided by your spouse hiding assets or you have had a hunch for a while, the sensible Wheaton, IL divorce lawyers with The Stogsdill Law Firm, P.C. can help. Call 630-462-9500 for a private consultation.