New Jersey residents and others who are getting divorced may find that ending a marriage is one of the most stressful events a person can go through. This may be true even if a spouse isn’t attempting to hide assets or otherwise lie. Fortunately, there may be clues that you can use to discover hidden assets before a divorce is finalized.
What to do if a spouse is hiding assets
If you suspect that your spouse is hiding assets, talk to your attorney as soon as possible. Your attorney may be able to take steps to compel your spouse to be more transparent about his or her financial status. If your attorneys determined that this person is hiding assets or lying about his or her income, you may be entitled to a larger share of joint property.
Signs that a spouse is lying about income or hiding assets
An individual who owns a business may attempt to inflate expenses by hiring nonexistent employees or putting friends on the company’s payroll. Furthermore, those who are trying to hide assets may do so by transferring money to a child’s bank account or to an offshore bank account.
If you stop seeing copies of bank statements or other documents, it may be a sign that your spouse is trying to hide something. The same may be true if you notice that this person has overpaid creditors or the IRS.
It is typically a good idea to have an attorney represent your interests during a divorce proceeding. Even if you trust your spouse to be honest throughout the settlement process, an attorney may be able to provide insight into what a favorable deal might look like. Legal counsel may review a proposed settlement before you accept it.