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How can you tell if your spouse is concealing assets?

On Behalf of | Oct 14, 2020 | Divorce

Getting divorced may make you aware of things about your spouse that you never realized. Sometimes, these realizations can create shock and anger. Dealing with a spouse that lies can complicate your divorce especially as you try to negotiate a settlement.

If you suspect dishonesty from your spouse in regards to marital assets, knowing what to look for can aid you in uncovering suspicious activity.

Seeing the red flags

Perhaps the most obvious red flag is if your spouse conducts all financial affairs with secrecy. Your spouse should provide context for all financial decisions and both of you should have an equal understanding of the movement of shared assets. Some other signs of dishonesty may include the following:

  • He or she demands control of financial decisions
  • He or she refuses to share login information with you that belong to joint accounts
  • He or she pursues estate planning without your input
  • He or she insists on your signature for unexplained financial documents

Uncovering the assets

According to Forbes, one of the best places to look for hidden assets is on tax returns. For example, you can look at capital gains and losses to see if previously recorded items have mysteriously disappeared. You can also analyze itemized deductions, supplemental income, and interest and dividends. Looking through these sections of your tax return with a professional who understands proper asset reporting can provide telling information about hidden assets.

At the first indication of dishonesty from your spouse, keep detailed records of what you suspect, as well as the suspicious behavior you have noticed. Acting right away may prevent disappointing losses of financial assets that are rightfully yours.

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