Legal Professionals of Hirsch & Ehlenberger

Is your spouse trying to hide assets during a divorce?

On Behalf of | Jul 12, 2024 | Divorce

When it comes to the division of marital assets during a divorce, Virginia abides by the principle of equitable distribution. This means that a court may divide a couple’s marital assets on the basis of their individual financial situations.

Someone may resort to asset concealment, or trying to hide or misrepresent their wealth, in order to prevent the other spouse from getting a hold of their assets. If you suspect your spouse is engaging in this behavior, it could seriously hurt your finances after the conclusion of divorce proceedings.

Watch out for these red flags of asset concealment

There are ways for you to find out if your spouse is trying to conceal or misrepresent their finances before a court. Look out for these red flags:

  • Hiding financial records: During a divorce, you and your spouse may have to provide the court with documents such as income statements, tax returns, bank records and property titles to provide a clear picture of your finances. If your spouse is not being forthcoming with these records, attempting to hide them from you or even destroying them, it may indicate asset concealment.
  • Change in spending: If your spouse suddenly starts spending more money, even if they claim to not have a lot of wealth, they may be trying to keep you from getting a hold of assets in a divorce.
  • Sudden asset movement: Look out for the unexplained transfer and sale of assets or the emptying of bank accounts. This could be their attempt to misrepresent their financial situation.

Asset concealment can affect how a court divides your marital assets. However, there are signs that you can look out for if you want to protect your financial situation and find out if your spouse is hiding something.

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