Is Your Spouse Hiding Money from You
Are you worried about your spouse hiding money during your divorce?
At Moran, Allen & Associates Family Law, we’ve witnessed numerous instances of financial deception.
Accurately disclosing all financial assets during divorce proceedings is crucial to avoid severe penalties, such as perjury and fraud. This guide is here to assist you in identifying the red flags and equip you with the knowledge to take subsequent actions.
Recognizing the Signs of Hidden Assets
Figuring out if your partner is keeping money secrets can be challenging.
You might notice they don’t want to talk about money anymore or see strange financial transactions in your accounts.
Sudden Reluctance to Discuss Finances
When partners suddenly stop talking about money, it might mean there’s trouble with the marital assets. You should pay attention if your partner once shared details about bank accounts and credit card statements but now keeps quiet. They could be trying to hide funds or property from you. Financial honesty is vital in any healthy relationship.
This secrecy mainly involves avoiding questions about spending habits or being vague about financial documents. When someone starts hiding bank statements or won’t explain large withdrawals, they’re likely keeping secrets about the family’s finances. For lawyers, these actions are red flags; hiding assets during divorce proceedings is both illegal and unfair.
Unexplained Withdrawals or Deposits
Sometimes, one partner moves money in and out of shared accounts for no apparent reason. This action might indicate they are trying to hide money during a divorce. If you notice less mail about your joint financial accounts, it could mean your partner keeps statements from you, so you don’t see these odd activities.
It’s essential to watch bank statements and account balances closely. If the numbers seem off, they might indicate hidden money or property. It’s also good to check online accounts often. If passwords change or there are new security steps, someone might want to keep specific financial details secret from you.
It’s wise to look at all your finances regularly, like checking for unexpected purchases that don’t fit how you live now. These actions can be attempts to hide assets before dividing everything fairly in a divorce settlement.
Missing Financial Statements
When bank statements start to disappear, it’s a huge warning sign in divorces. If your spouse hides financial records, it changes everything. It makes it hard to see what financial assets you both have. This situation can interfere with the fair sharing of property and money that should happen in a divorce.
Watch your mail, too. Sometimes, financial reports stop coming or suddenly go digital without your knowledge. This status change might be a way for your spouse to hide financial details.
Understanding how important these documents are is critical. They reveal the full scope of financial assets, from retirement funds to shared investments. Catching these signs as early as possible gives us the best position to fight for you.
Overly Secretive about Digital Devices
A big red flag is when they become overly secretive about their digital devices. If your partner changes their passwords often or keeps you from accessing joint online accounts, there’s a reason to be concerned. This behavior might mean they conceal financial information or transfer financial assets without your knowledge.
Our Moran, Allen & Associates Family Law team has seen many cases where one spouse had total control over online finances. They blocked the other from seeing bank statements or knowing account logins and passwords.
These actions make finding hidden assets challenging but possible for us. With our experience and tools, such as reviewing credit card statements and using forensic accountants, we can uncover hidden financial assets and ensure fair property division in divorce proceedings.
Common Tactics Used to Hide Assets
People find intelligent ways to keep money secret during a divorce.
They might put money in a friend’s bank account or buy expensive things.
Some even use their company to hide cash or make up fake bills they say they need to pay. These tricks can confuse the proper amount of wealth someone has, making it hard for the other person in the divorce to get what they deserve.
If you’re worried your spouse is hiding assets, we know how to spot these tactics and uncover hidden funds, ensuring fair play in your case. Keep reading as we delve into this tricky subject with expertise and straightforward advice on what you can do next.
Transferring Money to Friends or Family
Spouses often move money to friends or family to hide it during a divorce. They might claim they’re paying back loans but keeping financial assets away from what should be shared. This action makes it challenging for lawyers and clients to see the complete financial picture.
Paying back loans suddenly or giving significant gifts without an apparent reason could mean someone is hiding assets. Lawyers look out for sudden changes in how money moves between people. Tracking every dollar and financial asset is critical to ensuring property owned by both spouses is shared fairly.
Purchasing Expensive Items Abruptly
Seeing your partner suddenly buying expensive items might mean they’re trying to hide money before a divorce. They could be spending on things like cars, art, or jewelry to move money where you can’t find it. If expensive purchases start showing up without a valid reason, it’s essential to take notice. You should watch joint bank accounts for signs of significant withdrawals or strange purchases.
Keeping an eye on bank statements can help spot these quick spends. Monitoring financial assets is crucial because these items should be shared during divorce. But reasonably splitting them can become complicated if they’re not found soon enough. It’s wise to look over credit card statements and check for significant payments needing clarification.
Using Business Accounts to Shield Funds
Some people try to use business accounts to keep funds safe from their spouse, which means they might put personal money into the business. Then, they act like this money is for business expenses or debts. It is crucial to review business financial records to uncover hidden financial assets and ensure all financial assets are accurately disclosed.
At Moran, Allen & Associates Family Law, we see this often. A spouse might say their business needs more equipment or services than it does. They hope no one will question these costs during the divorce process. But we can spot these tricks and bring hidden money into the open.
Creating Fake Debts or Expenses
We often see spouses create fake debts or costs to hide money during a divorce. They might say they owe money to family or friends when they don’t. This trick makes it look like there’s less cash to split up. We investigate bank records and consult financial experts to uncover hidden financial assets. This procedure ensures you receive your fair share of the marital estate.
Our Moran, Allen & Associates Family Law team knows how difficult it can be to find hidden assets. Some people buy things that are hard to find or value, such as art or secret safety deposit boxes. These steps show us where they might have moved the money. Our job is to build a complete financial picture for you, ensuring everything gets noticed in your case.
Legal Implications of Concealing Assets
Hiding money during a divorce can lead to big trouble.
The court may require the person who hid financial assets to pay fines or face other serious consequences, including penalties for perjury and fraud.
Consequences during Divorce Proceedings
Hiding assets in a divorce can lead to big problems. The court wants both people to share all the details truthfully, including disclosing all financial assets to avoid penalties like perjury and fraud. If someone hides cash or property, the court might find out.
This discovery could cause the judge to examine how things were divided again and possibly award more to the other spouse. Being honest about your finances is required by law.
There have been times when penalties were given for not revealing assets. These aren’t just small fines but could also mean paying for the other person’s lawyer or facing charges for lying under oath. In Colorado, courts and judges take fairness with money matters very seriously.
Penalties under State and Federal Law
Colorado Courts take hiding assets very seriously. A person caught doing this could face contempt of court, jail time, fines, or both. Also, there are five years after a divorce is final to find hidden assets and take action (C.R.C.P. 16.2). To ensure fairness, various methods are used to uncover hidden assets, from reviewing credit card statements to checking business income.
Conclusion
Finding out a spouse is hiding assets can shock you. We at Moran, Allen & Associates Family Law understand this well. Our advice? Keep an eye on signs and seek help early. Legal actions will follow if assets are hidden. With our help, fairness wins.
FAQs
If your spouse’s financial behavior changes, it could be a sign they’re hiding money or other assets. Look out for things like sudden transfers of assets to family members, opening separate accounts without explanation, or unexpected changes in retirement account statements.
Uncovering hidden assets can be complex, but it’s crucial to have fair dealings in divorce proceedings. Review credit card statements and joint account activities regularly, check tax returns for discrepancies, and consider hiring an experienced divorce attorney specializing in asset tracing.
Generally speaking, most financial resources acquired during marriage are considered marital property – income earned by either spouse, properties bought together, and even retirement accounts contributed to while married. However, laws vary depending on whether you live in a community property state.
A spouse can hide money by setting up an account under a child’s social security number – yet another reason keeping tabs on household finances is essential when suspecting foul play with financial matters.
If you discover your spouse was dishonest about their finances after the divorce, you may have legal remedies available. These could include revising alimony payments or splitting concealed assets accordingly, but criminal penalties might also apply!
Yes! Separate property typically refers to anything owned by one spouse before marriage or received as a gift/inheritance during the marriage. In contrast, community property generally pertains to everything acquired jointly after tying the knot, including income earned by both spouses.
