Finances are often a source of strain between spouses. Even those who are comfortably well off can fight over money when one spouse prioritizes saving and investing for the future and the other always wants the newest, the biggest and the best of everything.
When one or both spouses is less than honest with the other, it can further damage the relationship. One study found that 85% of those who admitted engaging in financial deception said it negatively affected their relationships. Not surprisingly, some marriages don’t survive this.
If your spouse has tried to hide their spending, debt or movement of money, it’s not unreasonable to believe that they may try to hide assets in divorce. It should be noted that spouses are required to be thorough and truthful in their financial disclosures.
If you believe that your soon-to-be ex is hiding assets, there are a number of places you can look on your own or with the help of a financial professional like a forensic accountant. The following are just a couple.
Tax returns and account statements
Tax returns and bank and other account statements should be easy to get, particularly if both of your names are on them. These are particularly important to review – especially if your spouse has been the one handling the finances.
Digital movement of assets
A lot of money is moved around now through apps. While you likely won’t have access to apps like PayPal, Venmo and Zelle that are only in your spouse’s name, you can find out if money has been moved out of a joint account using an app.
Cryptocurrency is another way to hide money because of its highly anonymous nature. However, the money has to come from somewhere to buy cryptocurrency. Both account statements and mobile apps can indicate possible cryptocurrency purchases.
By getting experienced legal guidance with your divorce as early as possible, you can better determine whether it’s worthwhile to spend time looking for hidden assets and whether further professional assistance is worth bringing in to do that.