Should you worry about hidden assets?
Asset hiding is one of the chief complaints that many people have about their spouses when going through a divorce.
This unfortunately common and illegal tactic can result in lost time and money. So how do you know if you should be worrying about it in your own divorce situation?
Passive vs. active asset hiding
Forbes talks about some of the simpler methods of hiding assets. Generally speaking, people hide assets for reasons that loop back to their partner. Either they simply feel like their partner does not deserve any of their assets, or they fear that they will not maintain their current lifestyle if they give too much to their ex.
Regardless of the reason, any form of asset hiding is illegal and you can take action against them if you suspect it. To that end, what sort of red flags should you keep an eye out for?
Red flags to watch for
These warning signs may manifest differently depending on a person’s methodology or personality. For example, some may attempt more subtle tricks. Keep an eye on their spending habits. Do they suddenly increase the amount of high end things they buy? They could have a plan to sell them and get the money back after the divorce.
Pay attention to debts they owe, too. Has your spouse suddenly started to talk about money they owe to family or friends? Those people might actually hold onto this money for your spouse with the intention of giving it back later.
Finally, keep watch on their behavior regarding finances in general. Many people will grow more suspicious and paranoid when doing something wrong with their finances and this will often show in how they interact with you.