Hiding cash or property from a soon-to-be ex-spouse may raise serious legal issues during a divorce procedure.
Unless a prenuptial or other agreement states otherwise, all assets and property obtained during a marriage legally belong to both spouses. Uncovering hidden assets and property is part of the divorce process and required by the court to determine how to divide everything fairly between the two individuals.
Indications of asset hiding
A married individual who expects to be single soon may begin to divert cash and assets into a separate bank account without informing his or her spouse. Noticeable transfers between a jointly owned bank account and a spouse’s separate business account may raise suspicions of someone intentionally hiding assets before severing the relationship.
Changes to how a couple files an income tax return may also raise a red flag. When a married couple normally files a joint income tax return, an unexpected case of filing separately can raise suspicions.
As reported by CNBC, keeping track of its activity of a spouse’s business through online public records may assist in uncovering an affair or plans for moving out of state. Unusual activity taking place in a stock brokerage account may also indicate a spouse trying to obtain additional cash to move or make a large purchase.
Legal rights to fair ownership
A family court judge generally divides property acquired by both spouses as he or she sees fair. It usually does not matter if one spouse did not contribute cash toward its purchase or its maintenance during the marriage. While marital property may not always split evenly, each spouse has a legal right to receive his or her fair share of its ownership.
When an individual suspects his or her soon-to-be ex-spouse of hiding assets, the process of discovery may serve to uncover concealed property. This can involve a variety of financial records, such as bank statements or tax returns.