Four Signs Your Spouse is Hiding Assets During Divorce
The division of marital property is one of the most stressful and contentious parts of any divorce case. Florida follows equitable distribution laws, meaning that property is divided fairly between the spouses, which does not always mean equally. Marital property refers to any asset or liability acquired by either or both spouses during the marriage.
Sometimes, people try to hide assets to protect them from being divided. This is illegal, but that does not stop some people from doing it. Below, our Brandon property division attorney outlines some of the most common signs that a spouse is hiding assets.
Sudden Change in How Finances are Handled
If your spouse suddenly changes their behavior around the household finances, it may be a sign they are hiding assets. These changes can include repaying debts to friends and family members that were not a priority before divorce, making substantial withdrawals from a marital joint bank account, transferring funds into new accounts, and making large investments or purchases.
Changes in Business Ownership
If your partner owns a business and tries to change their ownership status, they may be trying to avoid the division of the business’ value during divorce. Your spouse may try to sell assets to lower the value of the business, or even completely transfer ownership to another person. Other business transactions could also be a sign that your spouse is trying to hide assets, such as using personal finances for expenses related to the business or using the profits of the business to make large purchases.
Refusing to Provide Full Financial Disclosure
A sure sign that your spouse is hiding assets is if they refuse to promptly provide the court with the necessary financial information. Each party must submit certain financial documents during divorce proceedings, including asset values and information related to income. Both you and your spouse must also sign a financial affidavit to make sure the information is accurate and factual. If your spouse is hiding assets, they may claim that they cannot obtain or locate the relevant documents. In these cases, it may be necessary to file a Motion to Compel to force your spouse to provide the necessary information.
Providing False Information
Your spouse may misrepresent their financial situation when submitting information to the courts. For example, your spouse may overvalue their debt or undervalue their assets. If your spouse submits paperwork that shows their total expenses are greater than their income, that could be a warning sign that they are hiding assets.
Our Property Division Attorney in Brandon Can Find Hidden Assets
Any divorce case has the potential to become complex, but this is particularly true when one spouse hides assets during the process. At Koether Law, P.A., our Brandon property division attorney can find hidden assets so they can be divided fairly and so you can obtain the full settlement you are entitled to. Call us now at 813-347-8193 or contact us online to request a consultation and to learn more about how we can help.