People hide assets during divorce for any number of reasons, ranging from financial insecurity to plain pettiness.
It is important to understand the red flags that might indicate that a spouse is attempting to hide assets in order to act quickly in the event that this happens.
Forbes discusses some of the most overlooked sources of assets in a divorce. These assets often end up hidden passively by a spouse, in that they may not bring it up simply in the hopes that their partner forgets they exist. Examples of passively hidden assets include:
- Exclusive memberships
- Airline mileage
However, it is when a spouse tries to actively hide assets that the most red flags will occur. For example, many spouses hiding assets will start to change their spending patterns. Depending on how they intend to hide assets, they might either start spending a large amount, or they could suddenly stop all superfluous spending.
Suspicious behavior changes
The spouse hiding assets will also usually grow more paranoid and suspicious regarding all financial matters. For example, they may not even let their partner take a look at their receipts anymore. They could also resist sharing financial information even in the event that they face an affidavit.
Sudden changes in property may also indicate hidden assets. If a spouse has suddenly purchased numerous goods for their personal space, car, office or so on, it might be part of a plan to hide assets.
Any attempt at asset hiding is illegal, so a person should act as soon as they notice these red flags.