Are you concerned that your spouse is hiding assets from you during your divorce proceedings? It can feel like an uphill battle to uncover hidden assets, but by understanding common methods of concealment and knowing what steps to take, it is possible to find them.
What are some signs to look for, and what are your options if your spouse isn’t upfront during the disclosure process?
Red flags of financial dishonesty
Kentucky is an equitable distribution state, which means all marital property is subject to division, which includes assets and debts acquired during the marriage. This includes real estate, investments, retirement accounts, business interests, personal property, and more.
Hiding assets during a divorce is illegal, so here are some red flags to look for if you are suspicious of your spouse:
- Your spouse suddenly starts spending money on expensive items or experiences without explanation.
- They are unwilling to provide financial documents such as bank statements, tax returns, or investment statements, or they provide inconsistent or incomplete financial disclosures.
- They start transferring assets to friends or family members or into offshore accounts.
- If your spouse owns a business, sudden changes in business practices, such as inflated expenses or unusual transactions, can signify that they are trying to hide assets.
- Items from the marital home have gone missing without explanation, which could mean your spouse has taken them elsewhere to shield them from division during a divorce.
It’s important to stay vigilant during a divorce so that all assets can be divided fairly between both parties. If you think your spouse is trying to hide assets from you, it’s best to seek help as soon as possible to protect your financial interests.