5 signs your spouse is hiding assets

On Behalf of | Aug 20, 2021 | Blog |

During a divorce in Florida, you will need to divide the marital property equitably. However, though it is illegal, spouses may attempt to conceal assets or income for their own benefit.

To protect yourself from an inequitable division, watch for these five signs that your spouse may be hiding marital property.

1. Giving funds to family members

Sometimes, a spouse may use family or friends to hide cash. They will often claim they need to repay an unexpected debt, or they will give a large monetary gift.

2. Hiding financial documents

You may find that important documents are missing from your records or that you are no longer receiving statements in the mail. These are signs that someone is trying to cover their financial activity.

3. Overpaying tax debt

A common tactic that people use to reduce their available assets during the property division process is to overpay their tax debt to the IRS. They can then seek a refund after the divorce.

4. Changing banking passwords

If the passwords on your banking accounts have changed, you should contact your bank right away to restore access. Your spouse may be attempting to hide deposit and withdrawal activity.

5. Concealing business activity

If your spouse owns a business, you should carefully monitor changes in that entity’s profitability. Other signs to watch for include the hiring of new employees and unexpected expenses.

Whether or not you see any indications that your spouse may be hiding marital property, you should always maintain copies of your important financial documents, monitor banking activity, and keep records of unexpected expenses.