One of the most important factors in your divorce is ensuring that you secure your financial interests. In order to do this, there must be a fair division of all marital assets, as well as any marital debt accumulated over the course of the marriage. However, securing terms that are fair and reasonable is almost impossible when the other spouse is trying to hide marital assets. If you suspect any dishonesty in his or her financial disclosures, there are steps you can take to fight back.
A spouse may attempt to hide assets in order to secure terms in a financial settlement that are more favorable to him or her. There are many different ways to hide assets, and it can be complex to locate these assets, determine an accurate value for them and fight for your rightful share of all marital property. Before you accept any terms, be sure that you have all of the right information about marital and separate financial matters.
How can you find hidden assets?
It is not always easy to find hidden assets. At first, the only indication you may have that something is wrong is a hunch, but you may also notice certain red flags as you look over disclosures, prepare your finances for divorce and have discussions about property division. The following are common signs that could indicate that an Alabama spouse is trying to hide assets:
- A careful review of tax returns reveals inaccuracies or discrepancies.
- The other party is denying the existence of assets.
- You are unable to locate valuable physical property.
- Account balances are lower than they should be.
- Your spouse’s financial disclosures are not what you expected them to be.
A careful inventory of financial records, tax returns and other areas can reveal if your spouse is hiding assets. Creating false debt, giving away property, transferring ownership of assets and simple denial are all tactics commonly employed by those who are working to hide assets.
Fighting for your financial future
Your financial future is at stake during your divorce. It is critical to secure terms that allow you to have your fair share of marital property, and you will need a full and accurate picture of your shared finances and your spouse’s assets in order to do this. If you suspect that hidden assets could affect your divorce order, you will benefit from taking steps to understand your rights and legal options.