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What to do when a spouse is hiding assets in a divorce

On Behalf of | Nov 16, 2022 | Divorce |

Ending a marriage in Virginia can get complicated quickly. One of the toughest parts of divorce is dividing marital assets and debts between spouses, especially in a high-asset divorce. In high-net-worth marriages, it is not uncommon for a spouse to try and hide assets to avoid property division. Hiding assets in a divorce is illegal and often creates a lot of problems for all parties. Here are some things to look for if it is suspected that a spouse may be hiding assets

Bank accounts

A spouse may try to hide money or assets by creating several different bank accounts. A common way this occurs is by setting up bank accounts in the name of a child or even in the name of the spouse. Others try to hide money by giving it to their parents.

Control

If a spouse starts to get more controlling over finances, it could be a red flag that he or she is hiding things. For example, the spouse could limit spending or just begin taking more control over day-to-day finances. If one spouse has tight control over finances, the other spouse may not know how much money is out there or where it’s going.

If a person thinks his or her spouse is hiding assets, it will be necessary to get proof. Start by gathering financial documentation and information, and take pictures of every document. Luckily, there is help available for those in Virginia who are going through a divorce and think that their spouse may be trying to hide things. By contacting an experienced family law attorney, individuals can obtain much-needed guidance.