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Divorce and warning signs regarding hidden assets

In North Carolina and across the United States, people contemplating divorce may worry about whether their spouses are guilty of hiding money. In the past, primarily men were blamed for having secret accounts. However, according to the Bureau of Labor Statistics, many married women who work as professionals also take care of filing tax returns and paying the bills. This means that either a man or a woman has the ability to hide marital assets from their spouse during divorce proceedings.

There are many ways to hide assets. A spouse may make a large bank withdrawal claiming that they need the money to pay the Internal Revenue Service. The other spouse should demand to see proof that the funds were used for the stated purpose. Another way to hide assets is via investing in paintings or antiques. A spouse may state that they bought a painting at a garage sale. However, they may have purchased an expensive and valuable work of art with hidden money. The clever spouse may intend to sell the painting for an attractive profit after the divorce is finalized.

A spouse should also look for any type of unusual activity regarding finances. Missing funds indicate that the other spouse is hiding money. A spouse should beware of changed online passwords or email addresses because a change can cause the spouse to lose access to a joint account. Investing in cryptocurrencies may also indicate that a spouse is hiding money from the other spouse.

A spouse who suspects that the other spouse is hiding funds may want to speak with a divorce attorney. Divorce may cause financial hardships to both spouses, so a consultation with a divorce lawyer may help a person make sense of potentially damaging financial issues that might include hidden assets.

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Hardin Law Firm PLLC

Hardin Law Firm PLLC
1314 Raeford Road, Suite D
Fayetteville, NC 28305

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