You and your spouse have been married for several years, but it’s just not working out. The divorce process has started, and it’s time to address property distribution. Throughout these negotiations, the court will employ an equitable distribution process. This means that they will try and divide property in a way that is fairest to all parties.
To do this, the court requires full financial disclosure. Unfortunately, you suspect that your spouse is not being completely honest about their financial circumstances by trying to hide assets. Outlined below are some of the more common signs that your spouse might be trying to hide assets.
Devaluing income
Your spouse runs their own business, and it is relatively successful. You were always in the loop in terms of the company’s financial status, and you know exactly how much it’s worth. When it comes to negotiations, your spouse appears to be claiming that they earn much less. The suggested workforce also contains many more team members than you remember, which means more outgoings.
Sometimes, an individual will attempt to make the business look less successful than it is in order to avoid having to pay you your fair share during the divorce settlement.
Locked out of shared accounts
You and your spouse used a shared bank account for years. When you went to log on recently, an error message came up, and it claims you have inserted the wrong password. You have the same password for all of your accounts, so you know that it’s correct. The only other person who has access is your spouse. Why would they lock you out? Could this be an attempt to move money elsewhere before the court examines your financial records?
To obtain your fair share of the divorce settlement, it’s important that the court has full access to both you and your spouse’s finances. You also want to make sure that you have some legal guidance behind you throughout the entire divorce process.