A concern about whether a spouse is hiding assets is probably one of the most common issues my clients bring up when working on asset division during a divorce. Even though hiding marital assets and lying on financial affidavits is illegal, many people obviously still do it. And because usually only one partner primarily handles the finances during a marriage, it is quite easy for one party to pull the wool over the other’s eyes and hide assets or income.
What Are Some Common Signs That My Spouse is Hiding Assets?
Our firm has handled divorces in Washington for over 35 years. There is little we have not seen. We have uncovered hidden accounts in foreign countries, secret investments, and unaccounted for work bonuses.
Washington law provides that you are entitled to half of the marital assets during a divorce, and that both parties must provide full disclosure of their income and assets. Suspect your spouse is hiding assets? Here are some telltale signs to look for:
- You stopped receiving financial statements at your home address. It is a red flag if you discover that your financial institution is mailing your statements to a P.O. Box.
- You notice anomalies in a joint account.
- Your spouse’s paychecks are suddenly much smaller. This could indicate that he is apportioning a large portion of his income or bonuses into another account or withholding it for future distribution.
- Your spouse has made large purchases, but you do not see the funds coming out of any accounts or on any credit card statements.
- Your spouse has been overpaying the IRS. He might be counting on a higher refund after the divorce.
- Your spouse says his business that he runs is losing profits, but yet he has hired new employees or has made upgrades, and you suspect he “cooks the books.”
- Your spouse has deleted information from Quickbooks, Mint, or another financial software.
- There was a large check such as for a bonus or commission and you do not see it in any account.
What Do I Do if I Suspect My Spouse is Hiding Something?
If your gut tells you that your spouse is hiding something, you are probably right. For help uncovering assets during your divorce, call me. I will work with forensic accountants to review your and your spouse’s financial histories to unearth discrepancies and hidden assets.
Contact me at the Law Offices of Molly B. Kenny today at 425-460-0550 for a consultation.