5 Signs Spouse is Concealing Assets During a Divorce

Spouses sometimes take extraordinary measures to better their standing after a divorce. One nefarious trick divorcing spouses might try while the formal split is pending is to hide certain assets. This can have the effect of making it seem like they have less money in the bank so there are fewer resources that they need to split 50-50 with their spouse under Indiana law.

The good news is that many attempts to hide assets fail because they are predictable and have been done by other people before. There are also financial experts that we can work with on a case to identify anything suspicious and get to the bottom of it. Here are some things you might want to keep an eye out for that could be signs of hiding assets:

  • Not sharing financial information. If you request certain financial documents from your spouse and he or she does not provide them, they could be acting evasive for the purpose of hiding assets. Another less-direct way your spouse could withhold financial information from you is by sending bills, pay stubs, and other financial statements to a different mailing address. Don’t worry – during the divorce process, there is a way for us to obtain this information directly from financial companies rather than have to rely on what your spouse gives you.
  • Misleading attorneys and other professionals regarding annual income. Just as some people do not report certain income on their annual tax returns, like direct payments of cash under the table, spouses may hide this income during the discovery phase of a contested divorce. Also, your soon-to-be-ex spouse may work out a deal with his or her boss to defer income or delay bonuses, raises, or promotions until after the divorce is finalized. 
  • Overpaying on tax returns. Deliberately overpaying on tax returns could be a sign that your spouse is simply buying time by sending the IRS a larger-than-necessary initial return, only to have the difference returned later. This can be done with other creditors, as well. 
  • Hiring new employees at work. When business is good, of course, hiring new workers makes sense. If your spouse’s business has been treading water lately and the size of the workforce suddenly doubled, though, this could be a sign that he or she is attempting to make the value of the business appear to be less than it is. 
  • Giving money (temporarily) to friends and family. This is among the most common ways that spouses may hide assets. Fake loans that have no collateral behind them or “purchases” of dummy items that are executed to show valid receipts are ways your spouse may conceal assets in this manner. 

Conclusion

A knowledgeable and experienced family law firm will be able to dig into your situation and help determine if your spouse is hiding assets during your divorce process. We don’t want you to be overly anxious about this possibility, but we do want to take a realistic look at your situation to make sure you’re protected. Get in touch with Indiana Divorce Lawyers today for assertive and affirming legal guidance during this difficult time in your life.

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Indiana Divorce Lawyers, Pastrana LLC

At Indiana Divorce Lawyers, we look at how divorce affects you on every level. We don’t believe in a dry, stoic approach that handles the legal aspects of divorce while leaving you alone to address the complicated emotions and growth that you’re bound to experience. The end of your marriage is a new beginning for you, and we’re ready to walk you through every step.

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