It’s hard to believe that someone you once shared a life with would attempt to cheat you out of your share of marital assets. However, it’s a common scenario in high-asset divorces. One spouse believes they deserve more than their fair share, even if it causes their former partner financial hardship.
But hiding assets often has tell-tale signs.
Forensic accountants find what others want to hide
Here are some warning signs that may indicate financial deception by your spouse:
- They start withholding financial information. They may have bank statements diverted, change the password on joint accounts or suddenly become vague about income and expenses.
- They start splurging on high-value items and underreporting their actual value, such as artwork. Or they may invest money in cryptocurrency.
- They become generous with family and friends by gifting them large sums of money or saying they are repaying an old loan to a friend.
It may feel frustrating, but you’re not powerless. In fact, you have the law on your side. You may want to consider hiring a forensic accountant. These professionals are a cross between an accountant and a detective. They specialize in identifying and tracking hidden assets. They follow the money trail by combing through tax returns, financial records and suspicious activity. A forensic accountant is likely to find evidence of deceit if it’s there.
And, while it may be tempting to confront your spouse, it could lead them to cover their tracks more effectively. It’s better to work with someone who can present your evidence and a compelling argument to the court and help to better ensure you get the marital assets you deserve.