Divorce can be a difficult and emotional time for both parties involved. One of the biggest concerns during a divorce is the division of assets. Unfortunately, one spouse may hide assets to keep them out of the divorce settlement.
The Statutes of Pennsylvania dictate that spouses must equitably divide their marital property during divorce. Any concealment is illegal. If you suspect your spouse concealed assets, you must know the signs so you can take action to protect your interests.
Sudden spending or transfers of cash
If your spouse suddenly spends a lot of money on luxury items or makes large cash withdrawals, it may be a sign that they have concealed assets. Additionally, large money transfers to friends or family members are a telltale sign.
Resistance to sharing financial information
Another sign is if they become secretive about their finances. If your spouse is no longer willing to share financial information with you or becomes evasive when you ask about their finances, it might be a sign. Look for any resistance to providing financial documents, such as tax returns or bank statements.
Changes in employment
You should also pay attention to changes in your spouse’s business or employment. If your spouse takes a sudden leave of absence from work or their business has a significant decline in income, it may be a sign of hidden assets. Additionally, transferring ownership of a company or property to a friend or family member during the divorce may signify concealed finances.
Take action immediately if you suspect your spouse tried to conceal assets. Gathering as much financial information as possible, including bank statements, tax returns and other financial documents, is vital.