What to Do if You Suspect Your Spouse Is Hiding Assets From You

 Posted on July 09,2020 in Family Law

How do you know when it is time to end a marriage? There is no correct answer to that question because there is a different “right” answer for everyone. Many people report feeling distant or emotionally separated from their partners well before they divorced, but many also report that they knew it was time for a divorce when they could no longer trust their spouse. When you cannot trust your spouse during your marriage, you probably cannot trust him or her during your divorce either. How do you know if your spouse is being truthful about everything he or she owns or how much money you both have? If you think that your spouse might be hiding assets from you, taking action is essential. Here are a few things you can do to begin your hunt for hidden assets:

1. Get copies of your tax returns. The first thing any divorce attorney is going to tell you to do is to get copies of tax returns from the last couple of years. You should have at least three years' worth of returns, but five years of tax returns are preferred. You are looking for inconsistencies between returns. Where has income been coming from? Are there other sources of income, such as interest, dividends, or capital gains, that you are unfamiliar with? Flag anything that you are unsure of and share it with your lawyer. 

2. Carefully review your bank and credit card statements. Next, begin looking through your statements from your joint bank and credit card accounts. Unusual transfers or withdrawals should be flagged, as well as any recurring or scheduled transfers or withdrawals that may form a pattern. Have there been any odd payments made to family members or friends or deposits into a child’s custodial account? If so, your spouse may be attempting to funnel away marital funds under your nose.

3. Check public records. Public records can be extremely useful when doing research and contain a variety of information available to the general public. Some jurisdictions allow these records to be accessed online, but if not, you can usually access these records at the county courthouse or city hall. Records such as property deeds, real estate appraisals, tax assessments, and business records can all be accessed and may reveal financial information that your spouse is trying to conceal.

4. Consider hiring a forensic accountant. Finances can be confusing, especially if your spouse owns a business or has investments or real estate. In any case, having a forensic accountant on your team is usually a good idea if you believe that your spouse is hiding things from you. Forensic accountants are professionals who are trained to look at financial information and documents and find any discrepancies or missing information. 

Contact a Menomonee Falls Divorce Attorney 

When your spouse does something to cross the line of trust, it can be heartbreaking and it can also lead you to suspect that they may not be entirely truthful when it comes to the divorce. At Bucher, Wolff & Sonderhouse, LLP, we have more than 40 years of combined legal experience to assist you with your high-conflict divorce. Our skilled Waukesha County asset division lawyers can help you throughout the asset division process, especially if you believe that your spouse is hiding assets from you. To schedule a free consultation, call our office today at 262-232-6699.

Sources:

https://www.truthfinder.com/infomania/technology/find-hidden-assets-divorce/

https://www.liveabout.com/ways-to-find-hidden-assets-during-divorce-1103106

http://documents.jdsupra.com/efb799e4-2d82-4b32-a9fe-af8e21e5114f.pdf