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How To Tell If Your Spouse Is Hiding Assets

by Jim ONeil on July 4, 2011

in Personal Finance Tips

Relationships are characterized by disclosure but some also contain secrets. On a regular basis, the media exposes tidbits that high-profile couples attempted to hide from each other. One thing that is very easy to keep from a spouse is an asset.

This is especially true when one person handles all the finances and the other is unaware or even uninterested in these dealings.

In the area of marital finances, protecting yourself requires staying informed. Each partner should be an active participant in the financial affairs of the other and the couple as a whole. Both individuals should be aware of all income, assets, expenses, and liabilities.

They should also know where copies of financial records, including tax returns, are stored.

If the relationship is past this preventative stage and the couple is headed for divorce, another approach is required. Certain things indicate whether a spouse is hiding income or assets. By identifying and addressing a potential situation, a person can prevent having to live on payday loans due to receiving nothing in the divorce settlement.

If financial statements cease being delivered to the house, this could indicate that assets are being wiped out or diverted. Get copies of statements from credit card companies, banks, and investment firms to ensure that this is not happening.

Begin keeping financial records and immediately address unusual activity.

A decrease in take home pay may signal a decision to defer salary, commissions, or bonuses until after the divorce. Some spouses go so far as to overpay on taxes now in order to receive a refund following the dissolution.

Others transfer money to a child or fabricate loans. Those who own businesses may begin paying friends and family members to make the business seem less valuable. The reasons for these behaviors vary but the results can be equally detrimental if the situation goes unaddressed.

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