How to Know If Your Spouse is Lying About Finances During Your Divorce

 Posted on February 24,2023 in Divorce / Family Law

Property and financial matters are often some of the most consequential aspects of a divorce. Whether a divorce is resolved through a settlement or by the court, each spouse's income, debt, and property will play a key role in the divorce outcome.

Financial transparency is essential to a fair divorce settlement, which is why it is important to know exactly what you and your spouse own and owe. Unfortunately, it is not uncommon for one spouse to deliberately hide assets from the other or lie about his or her income. This type of financial deception can significantly skew issues such as property division arrangements and child support calculations.

If you are getting divorced, make sure you are vigilant for signs of deception regarding finances. Work with an experienced divorce attorney who can help you uncover your spouse's financial activity and provide proper guidance.

Common Ways that Divorcing Spouses Hide Assets

When a married couple divorces, they must split their shared property. Marital property often includes real estate, bank accounts, retirement accounts, investments, and automobiles. In some cases, one spouse may attempt to hide assets from the other in order to keep them for himself or herself. For example, a spouse might:

• Transfer money or property to family members or friends

• Buy luxury items or investments with cash and fail to disclose them during the property division process

• Pay back fake loans to friends with the understanding that the friend will return the money after the divorce

• Falsely list property as "sold" in financial documents

• Open bank accounts or other financial accounts without their spouse's knowledge

• Intentionally overpay the IRS and recoup the money in a tax return after the divorce

• Greatly underreport the value of assets such as artwork or jewelry

• Use cryptocurrency or other types of digital currency to hide assets

Red Flags That Your Spouse is Hiding Something from You

Spouses who want to reduce their child support or spousal support obligation or get more than their fair share of marital property may resort to lying or hiding assets. During the divorce, watch out for these signs that your spouse is not being forthright about finances:

• Your spouse gets irrationally angry when you try to discuss financial matters

• Passwords for online bank accounts or other financial accounts have been changed

• Your spouse refuses to provide access to financial records or documentation

• You find evidence of secret bank accounts and/or significant withdrawals from shared accounts

• Your spouse suddenly acquires items of value without explanation

• You see discrepancies between financial documents and your spouse's actions or statements

• Your spouse is suddenly taking much longer to file taxes than usual

Contact our Geneva Divorce Lawyer for Help Finding Hidden Assets

Your divorce settlement or verdict should be based on factual financial information. Let our skilled Kane County divorce attorney help you identify signs of financial deception and uncover the truth. Call 630-448-2406 for a free initial consultation to learn more about our services.

Source:

https://www.forbes.com/sites/jbrewer/2018/08/14/getting-a-divorce-financial-issues-to-consider/?sh=3c81eb8e3087