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Could your spouse be hiding money?

Wisconsin couples who are getting a divorce are required by law to split their assets evenly or equitably. Unfortunately, some people do try to get around that by hiding some of these assets. We at Mayer Law Office, LLC, will discuss the action of hiding assets today.

When a spouse decides to hide assets, it will usually be an amount that isn't easily noticeable. For example, they may start by hiding small portions of money by pocketing cash from paychecks rather than depositing it to the bank. This is because banks will track financial records and can leave a "paper trail" showing that deposits, withdraws, and the amount reported for asset division don’t match up.

Another way someone may try to hide money is by transferring the money into other objects. For example, if you notice your spouse buying more antiques, expensive accessories, or high-end products, they might not be doing it out of spite to "spend your money". They might actually intend to re-sell or return these items later to get their money back.

Finally, if you notice that your spouse is starting to act furtively about financial matters, it may be something to look into. If you request to see their bank information, they should be able to hand it over without kicking up a fuss.

If you have any suspicions that your spouse isn't being fair in regard to asset division during your divorce, you may want to take a look at our web page on family law to learn more about your options. Fortunately, as hiding assets isn't legal, you have options to protect yourself from being cheated out of what you deserve.

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