Signs Your Spouse Might Be Hiding Assets from You

 Posted on December 00,0000 in Division of Property

It is extremely important to understand your financial situation, especially if you are getting a divorce. It is not uncommon for people to try to keep certain assets from their spouses when it comes to dividing them during a divorce. Unfortunately, nearly 15 million Americans reported that they have at least one bank account or credit card account that their live-in partner does not know about. Though you may think it is difficult to figure out if your spouse is hiding assets from you, it can become obvious if you know what you are looking for. Here are five signs that your spouse may be hiding something:

You Notice an Increase in Transactions on Your Bank Statements

You should know your spouse’s spending habits better than anyone. If you notice unusual transactions or purchases, it could be a sign that he or she is trying to cover their trail. An increase in large purchases, such as cars, artwork or jewelry could be a sign that your spouse is trying to convert their cash to physical assets. Unusual ATM transactions could be a sign that your spouse is moving money from a joint account to a secret account.

You Find Statements From Banks or Credit Card Companies You Are Not Familiar With

This one can be rather obvious - if you are going through the mail one day and find a bank or credit card statement from a company you do not know of, it could be a sign that your spouse has other accounts that he or she did not tell you about.

Your Spouse Opened a Custodial Account

If your spouse suddenly opened a custodial account for your child, he or she could be trying to funnel money out of your joint account. A custodial account is one that is in your child’s name with their social security number, but that their parent or guardian has control over. Your spouse could be disguising this account as a trust fund or college fund.

Your Spouse Exerts Control Over the Money

If your spouse is unusually controlling with financial situations, you should make sure it is not because they are hiding something. If you have joint bank accounts, you should both be able to access the information within them. If your spouse is refusing to share the usernames or passwords with you or will not share account balances, you should do some investigating.

Your Spouse Is Being Uncooperative With Requests

During divorce proceedings, your spouse is required to have full disclosure when it comes to asset division. If your spouse is being uncooperative with disclosing assets, it could be a sign that he or she is hiding assets from you.

Get Help From a DuPage County Divorce Lawyer

If you think that your spouse is hiding assets from you, the best thing you can do is hire an experienced Aurora divorce attorney. The Law Office of Matthew M. Williams, P.C. has over a decade of experience dealing with high-value assets in divorce and can help you discover the truth about your marital finances. To schedule a consultation and get started with your discovery process, call the office at 630-409-8184.

Sources:

https://goodmenproject.com/divorce/signs-that-your-spouse-is-hiding-assets-lbkr/

https://www.forbes.com/sites/jefflanders/2012/03/20/21-signs-that-your-husband-may-be-hiding-marital-assets-during-your-divorce/#6f9eff711a89

https://www.forbes.com/sites/forbesfinancecouncil/2017/09/22/is-your-spouse-hiding-money-from-you/#4a2f07156de4