Could your spouse be hiding assets from you?

| Jun 3, 2019 | Property Division

Even with the tension that has permeated your relationship with your soon-to-be ex-spouse, you are likely still willing to give them the benefit of the doubt in many areas. While disagreements over the management of your financial resources in Clinton Township may have contributed to the end of your marriage, you might never have figured them to be capable of hiding assets from you. Or maybe your lack of suspicion comes from not fully understanding what it means to hide assets away. Whatever the reason, you should know what signs to look for to see if indeed your ex is not being completely forthcoming during your property division proceedings.

Per information shared by the National Endowment for Financial Education, percentages range from 30 to 58 percent of survey respondents who admit to being deceptive about money with their spouse in some way. Different methods of this deception include:

  • Hiding cash
  • Hiding minor purchases
  • Hiding bills or financial statements
  • Lying about income and debts

These statistics may shock you, as would the knowledge of the many different ways one can easily hide money. Yet if you know the subtle cues to look for, you may be able to spot scenarios where your spouse is hiding assets that would be considered shared.

Among the more obvious would be unexplained withdrawals or transfers. You spouse suddenly gifting large sums of money to their friends or family members may simply be a covert way for them to stash it away for later use. You should also pay attention for other, less-obvious signs, such as your spouse asking you to sign forms without providing you with their details. Another may be to monitor income deposits to see if they fluctuate in relatively short time periods.