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Red flags for potential asset hiding by a spouse

| May 27, 2019 | Property Division |

For couples in Virginia who have been experiencing difficulties in their marriages, it is not uncommon for one or both persons to begin considering asking for a divorce. Thoughts of ending a marriage may well be in the minds of a spouse for some time before they ever choose to utter it to their partner. During this time, some people try to think about ways to protect themselves if they should proceed with a divorce and for some, this may entail trying to hide some financial assets.

Hiding assets is one thing people do in order to attempt to salvage some losses during a divorce. As explained by Bankrate, spouses in a challenged marriage might want to pay special attention to statements and receipts for signs of things like overpayments, unexplained transfers or even unknown account numbers.

According to Forbes, a spouse hiding assets may also exhibit a change in behavior such as a new unwillingness to collaborate on financial matters. For example, if a couple usually reviewed their budget together every week but now one spouse routinely is too busy to do so, this could be a warning sign. In some marriages, one person might make big purchases but not tell their partner, later only saying that they forgot about it.

Before approaching a partner about potential concerns that they are hiding marital assets, spouses should ensure that they are calm themselves and can initiate a conversation without making accusatory statements or setting off a heated and defensive response.