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Signs a spouse may be hiding assets

On Behalf of | Jul 2, 2021 | Divorce |

Although it’s against Louisiana law to do so, there is a chance that your spouse will try to hide assets prior to initiating divorce proceedings. However, there are clues that you can look for to determine if your partner is concealing cash, physical assets or anything else that you may be entitled to in a settlement.

Have you noticed any unusual transactions?

A large withdrawal from a bank, brokerage or other type of financial account could be a sign that your spouse is trying to conceal the household’s true net worth. The same may be true if this person has sold a car, business or real estate holdings for significantly less than market value. In such a scenario, the person who buys the item will sell it back after the marriage has been officially dissolved. Alternatively, the item may be leased to your significant other while the divorce is still ongoing.

Has your partner been ignoring your requests for information?

If you spouse has nothing to hide, they should have no problem providing you with copies of bank statements, tax returns or other records. Furthermore, this person should have no problem explaining the reason for what you perceive to be an unusual transaction.

Have you noticed changes in household income?

It’s not uncommon for a person to make an effort to defer compensation until after a divorce proceeding has concluded. It’s also not uncommon for those who are trying to improperly influence the outcome of a divorce settlement to make excess income tax payments in a given quarter or tax year.

If you believe that your spouse is trying to hide assets, it’s important to mention this to your attorney. A legal adviser may be able to review financial records in an effort to uncover evidence that this is happening. This person may also hire outside professionals who may be able to help uncover property that you might be entitled to receive.