If you notice furtive behavior on the part of your spouse when it comes to financial matters during divorce, you could have a problem on your hands. This unfortunately typical problem is known as asset hiding.
When combating this issue and finding hidden assets, it helps to understand where to look. So what are the most popular locations to hide assets?
Red flags in a lifestyle analysis
Forbes discusses some of the most typical locations you could find hidden assets at. First, have a lifestyle analysis done. This is a crucial part of the process for many reasons, including the fact that it determines the proper amount of money for alimony and/or child support. A lifestyle analysis also brings to light any discrepancies between income and living expenses. If the expenses exceed the income, this is often a warning sign in and of itself.
Changes in a partner’s behavior
Furtive behavior may show in other scenarios, too. For example, if financial statements or bank statements get redirected from your home address, it may show that your spouse has something to hide. Keep an eye out for sudden large transfers of money too, such as to a child’s account. Sudden “debt repayments” to family members or friends might also act as a ruse to cover hidden assets.
They may overpay the IRS in order to gain the refund after the finalization of your divorce. They may also underreport income, so it cannot end up used in financial analysis. Finally, if you own a business, you may notice discrepancies in payment amounts, new employment, and business growth. If you notice any of these things, consider contacting an attorney to learn more about what you can do.
