When a marriage ends and a divorce is on the horizon, it is time to divide the assets. Unfortunately, some spouses in New Jersey try to conceal assets to gain an advantage during the settlement.
While it is important to maintain trust throughout the process, it is equally necessary to be aware of potential signs that your spouse may be concealing assets.
Changes in financial behaviors
If your spouse starts displaying unusual financial behavior, such as transferring large sums of money to new accounts or making unexplained withdrawals, it could be a sign that they are attempting to hide assets.
Incomplete or inconsistent financial disclosures
During divorce proceedings, both spouses disclose their financials. If your spouse is evasive or inconsistent in providing financial information, they could be hiding assets. You might want to look for irregularities in their tax returns, pay stubs or financial statements.
Unexplained debt increases
If your spouse suddenly accumulates a lot of debt without a clear explanation, it might be a tactic to reduce their worth. As a result, they would have fewer financial obligations during the divorce.
Frequent account and password changes
If your spouse changes passwords for financial accounts or locks you out of shared financial information, it is a potential sign that they are hiding something.
Remember that divorce is a sensitive and challenging time for both parties. Only 15% of Americans get married with a prenup, so dividing the assets during a divorce is often difficult. While it is important to be vigilant, try to approach the situation fairly and openly.