As a person going through a divorce, you will soon have to deal with asset division. This is the combination and then division of your assets, which can include your annual income, side hustles and physical items or properties.
Due to the high stakes during asset division, it is not uncommon to see a spouse attempt to hide assets to avoid paying their fair share.
Forbes discusses the importance of understanding hidden assets in the hunt to find them. First, what should you know about hidden assets? This term refers to any attempt at hiding how much a person makes or how many assets they own during a divorce. The goal is to make it seem like they have fewer assets to divorce so they give away less and pay less in alimony or child support.
Why do people do this?
Why do people hide assets? The reasons vary and are often very personal and based on unique and individual motives. However, many motivations center around themes of fear or spite. For example, your spouse may fear they will not have what they need to support his or herself after the asset division. They may feel like you do not “deserve” any of their assets, and thus avoid giving as much as possible.
What are red flags?
Next, when looking for hidden assets, keep an eye open for changes in your partner’s spending behaviors and overall secretiveness. Have they suddenly stopped sharing all financial information with you? Do you need to enforce your financial affidavit to get any answers out of them? Have they suddenly started repaying relatives for debts you have never heard of before? All of these can serve as potential red flags that your spouse is hiding assets.