Dividing property during a divorce requires honesty and full financial transparency from both spouses. Unfortunately, that doesn’t always happen.
Sometimes, one spouse wants more than their fair share and attempts to hide income or assets. If you suspect your spouse is hiding money, it’s important to recognize the signs and take steps to protect your financial interests.
Common signs of financial dishonesty
Indiana courts divide marital assets in a way they consider fair, which may not always be equal. If one spouse is hiding assets, the court can’t accurately determine what and how property should be divided. Not only is property division affected by hidden assets, but it can also impact spousal maintenance and child support.
Every situation is different, but certain patterns may warrant concern. A sudden change in financial behavior is one of the earliest warning signs. This may include unusual withdrawals, transfers between accounts or the opening of new accounts without your knowledge.
Another red flag is increased secrecy. If your spouse becomes defensive about finances, changes passwords or limits your access to accounts or bank statements, you should take a closer look.
Also, consider their lifestyle. If they claim financial hardship, but continue to spend freely, they may have access to undisclosed funds.
If you think your spouse is hiding assets, it’s essential to act carefully and strategically.
Start by gathering and organizing financial documents, such as bank statements, tax returns, pay stubs and investment account records. Having a clear picture of your financial history will help you identify any discrepancies.
There are several legal tools available to get an accurate and full disclosure of your spouse’s assets. This may include subpoenas, depositions or questions your spouse must answer under oath.
In more complex cases, you may require the assistance of a forensic accountant. They can analyze financial records and trace transactions to uncover hidden assets.
Courts take financial dishonesty seriously. If a judge determines your spouse was hiding assets, they could face severe consequences, such as awarding you a larger share of the marital property or imposing financial penalties.
If something doesn’t feel right, it’s worth following your intuition and starting to ask questions about your spouse’s finances. Taking a proactive approach with the right legal team can help you achieve a fair resolution and secure your financial future.
