When you are getting a divorce, your finances and assets are some of your core concerns. You may even have worries about your spouse concealing or devaluing assets before and during the process. Some spouses take advantage of their partners during a divorce, so it is crucial to keep an eye out for any warning signs this is occurring in your situation.
There are many ways a spouse can hide assets, and there may also be plenty of red flags. Here are just a few indications that your partner may be concealing marital assets from you.
Payment of fake debts
It is normal for people to take loans from relatives and friends. However, it can sometimes be a ruse to funnel money. If your spouse is paying off a significant amount of debt to someone he or she knows, there may be an understanding that he or she will eventually receive the money after the divorce.
Opening a secret P.O. box
If you notice a new P.O. box or suddenly do not know where financial statements are going, there may be something suspicious happening. Your spouse may open up a private P.O. box to receive bank statements and other financial documents in order to hide them from you.
Maintaining control of finances
It is not uncommon in a marriage for a certain spouse to assume control of most or all the marital finances. This may include having information for bank accounts and passwords. But if your spouse keeps control of these things as the divorce proceeds, there may be a serious problem.
Opening a custodial account
Your spouse may open a bank account in a child's name. While this is not necessarily a bad thing to do, it can be a strategy for funneling money. It is possible for a spouse to hide money by disguising it as something to benefit the child, such as a college fund. Keep an eye out for warning signs that your spouse may be hiding assets to help ensure you get your fair share out of the divorce.