Marriage is generally built on trust. Unfortunately, sometimes that trust can be betrayed. Commonly, this kind of betrayal unfolds with regard to financial matters. When suspicions arise regarding hidden assets, it can signal deeper issues within a relationship.
The following are some signs to watch for that might indicate your spouse is hiding assets. Note that you should be on the lookout for this behavior whether your marriage is intact or you’ve decided to divorce, as you have rights either way.
Unexplained financial changes
One of the most telling signs is unexplained financial changes. If your spouse suddenly starts making large withdrawals or transfers from joint accounts without providing a valid reason, it could indicate an attempt to conceal assets.
Secretive behavior
Noticeable secretive behavior regarding financial matters is another red flag. This could include changing passwords on accounts, receiving mail at a different address or refusing to discuss financial matters openly and honestly.
Unusual spending habits
Keep an eye out for unusual spending habits, such as extravagant purchases or unexplained expenses. These could be attempts to dissipate assets before a divorce or hide money by converting it into tangible assets.
Discrepancies in financial documentation
Review financial documentation carefully (and relatively regularly) for any inconsistencies or discrepancies. This could include discrepancies between reported income and actual lifestyle, undisclosed bank accounts or investments or discrepancies in tax returns.
Sudden lifestyle changes
If your spouse suddenly adopts a significantly different lifestyle without a reasonable explanation, it could indicate hidden assets. This could include purchasing expensive items, taking lavish vacations or suddenly having access to large sums of money.
Lack of transparency
A lack of transparency regarding financial matters is a major warning sign. If your spouse is unwilling to provide access to financial records or becomes defensive when questioned about money, it could indicate attempts to conceal assets.
While these signs do not necessarily confirm that your spouse is hiding assets, they should prompt further investigation and potentially a need to seek legal guidance. When it comes to your rights in re: finances and your marriage, knowledge is power.
