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Is your spouse hiding money?

On Behalf of | Jul 31, 2021 | Property Division |

Having a successful career should not come as a detriment should you need to divorce. However, in some instances, high-asset marriages may end in one spouse going to great lengths to try and come out with more of the marital pot.

Concealing marital assets is a problem that some high-earning couples must deal with. There are ways that one spouse may find out if the other is stashing money unfairly. Learn a bit about uncovering financial infidelity before and during a divorce.

Gathering basic documentation

All divorces include a division of assets. Part of that is a true and correct accounting of the total marital financial picture. Gather some of the most crucial financial documents for this step, including:

  • Bank statements
  • Tax returns
  • Retirement account statements
  • Debts and bills

When looking through these, a suspect spouse may see anomalies such as shortfalls or withdrawals. This may prove the first clue in revealing financial misgivings.

Reviewing recent purchases

While going through statements, a recent pattern of spending or overspending may appear. One way a spouse may attempt to get more than his or her fair share of the marital assets is by spending more before the divorce. This may come in the way of new clothes, expensive gifts or even accounts set up for children.  Spending money out of character before separation and divorce may prove an attempt to keep you from benefiting financially.

Finding hidden assets

A forensic accountant may prove beneficial when it comes to missing money or assets. This type of accountant will pour over all financial transactions in an attempt to follow the money. Even if money winds up transferred offshore, a forensic accountant may find it.

The court does not look kindly on a spouse who attempts to circumvent property division by diverting money.