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In Massachusetts For Over 30 Years


In Massachusetts For Over 30 Years

3 signs your spouse may be hiding assets

On Behalf of | Oct 12, 2020 | high net worth divorce |

If you have not worked during your marriage, you may have some concern about supporting yourself financially after your divorce. Fortunately, in addition to receiving an equitable share of the marital estate, you may be eligible for either short- or long-term spousal support.

To advocate for what you deserve, you must have a realistic picture of everything you and your spouse own. If your soon-to-be ex-husband or -wife handles marital finances, he or she may be able to deceive you. Here are three signs your spouse may be hiding assets in anticipation of your divorce.

1. Secrecy

There is nothing inherently wrong with splitting household duties. If your husband or wife manages financial matters, though, you may have little insight into marital assets and debts. Asking to see bills, bank statements and other financial records may tell you if your spouse may be trying to pull the wool over your eyes.

2. Loans

If your husband or wife loans money to relatives, friends or business associates, the loan repayment should be part of the marital estate. If a loan comes due after your marriage ends, however, your spouse may keep funds that are rightfully yours. Closely monitoring pre-divorce loans may help to curtail this deceptive practice.

3. Purchases

Watching your spouse’s spending habits may also be important. After all, if your husband or wife wastes marital resources by making unnecessary or extravagant purchases, you are likely to miss out on your fair share.

Remember, you do not have to stand idly by while your marital assets deplete. If your spouse spends recklessly or otherwise hides marital assets from you, he or she may face some significant legal and financial consequences.