One of the most contentious parts of many divorce proceedings is the asset division process. In some cases, one party in the divorce might try to hide assets in an effort to keep them out of the settlement, which may result in an unbalanced distribution of marital assets.
If you worry that your ex may be concealing joint property or finances from you, there are 4 signs to watch out for.
1. Sudden activity in old accounts
If you notice your ex suddenly withdrawing or moving money between accounts that have been inactive, it could be a red flag. Be on the lookout for cash withdrawals or transfers from investment and retirement accounts without explanation. Some spouses invest in cryptocurrency as a means to hide assets, and moving money this way could facilitate those investments.
2. Using only cash and money orders
If your ex has suddenly switched to using only cash or money orders for purchases and bills, they may be trying to hide a paper trail.
3. Switching assets to friends or family
Another tactic is quickly transferring ownership of assets, such as cars, properties or financial accounts, to friends or family members. Watch for assets that your ex suddenly puts in someone else’s name during the divorce proceedings.
4. Not complying with discovery requests
During discovery, your spouse must provide financial statements and disclosures. If they are resistant, combative or refusing to provide complete transparency, they may be hiding assets from you and the court.
Being aware of these warning signs can help you ensure fair asset division in your divorce settlement. Do not hesitate to speak up if you suspect your ex is concealing joint assets.