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3 warning signs of hidden property in your Kentucky divorce  

On Behalf of | Jun 22, 2022 | High Asset Divorce |

In Kentucky, the law requires judges to try to be fair when dividing marital property. Equitable distribution rules require that a judge learn about the marriage and review the economics of each spouse to divide their property and their financial obligations. 

Some people are so angry about property division rules that they try to hide property from their ex and the courts. What are some of the warning signs that you are at risk of unfair divorce proceedings because of hidden property? 

1. You noticed items missing from your home

The removal or sale of physical assets is a common means of hiding property. Your ex may have a secret storage unit or may have taken the property to someone else’s home. They may also have sold your joint property to keep the cash. Creating a list of missing assets and determining what they are worth can help. 

2. There are discrepancies between income and bank records 

Especially if you don’t file your own taxes, you may have never known what your ex actually makes each week. You only know how much of the money ends up in the shared bank account. 

You may discover when reviewing financial records that your household income is actually higher than you thought because the full amount of income doesn’t wind up in the bank account. That can be a warning sign that your ex has a hidden bank account. 

3. You notice gaps in the asset inventory

Sometimes, you will notice an issue when reviewing the papers your ex provides to you and the courts for property division purposes. If they omit valuable assets or undervalue them, you may need to go more carefully over financial records. You may be able to track down hidden assets or place a more accurate value on them. 

Locating hidden assets and informing the courts of your ex’s misconduct will both be important steps for those facing property division proceedings in their high-asset-divorces.