During a divorce, each spouse is supposed to be transparent about their financial affairs. However, some intentionally hide their assets. They hope they can leave one or more things off the list without their spouse or the court finding out. They generally aim to keep those assets in their entirety through their deception.
How can you locate what they might have hidden? While it may be wisest to engage a professional, like a forensic accountant, some starting points might include:
1. Their browser search history
The internet is a gold mine of information, and spouses looking for ideas about how to hide their money may turn to the internet for more guidance. For instance, if you see that your spouse has researched the use of offshore accounts, cryptocurrency investing or Florida asset protection trusts, that may tell you what they’ve been thinking (and where money might be hidden).
2. Unusual financial activity
Your spouse gets an annual bonus every Christmas and has done so ever since they started at the company fifteen years ago. If they do not get one this year because “the company is struggling,” you may need to question the veracity of that claim. They may have asked their boss to defer their compensation until the divorce is over.
3. Repayment of surprise debts
Another thing people do is take money from the joint account to pay a supposed debt you never knew about. For instance, your spouse might tell you that they just paid back $10,000 to their dad for a loan he gave five years ago when the business was struggling. They say they never mentioned it at the time because they did not want to alarm you. Unless there are loan documents that exist from that time period, you should question their truthfulness if you are divorcing and splitting up assets.
If you suspect something is amiss with your spouse’s financial disclosures, be sure to seek legal guidance to learn how best to proceed.