Florida Women's Law Group
Do You Suspect Your Spouse May Be Hiding Money Amidst A Divorce?Author: Staff
Date: Nov 30 2022
Divorce, or “dissolution of marriage,” is difficult and stressful. The difficulty level shoots up when you add the challenges of handling financial matters, agreeing on asset division and other marital assets.
According to World Population Review, Florida is one of the US states with the highest rates of divorce (13%). Florida is an equitable distribution state for marital assets.
Unfortunately, some unscrupulous spouses may try to hide their assets while filing for a divorce. Examples of marital assets that a spouse may often try to hide include:
- Family Heirlooms
- Insurance Policies
- Municipal Bonds
- Collectibles and other physical property
People trying to conceal marital assets don't make a clean getaway. This is why you need the best Florida divorce attorneys and forensic accountants. They use sophisticated techniques to uncover hidden assets. However, beware of these red flags:
- Strange withdrawals from your accounts: If money starts disappearing from your account and you have no idea where it went, this is an alarming sign that your partner may be up to something shady.
- Items of Value Are Missing: High-value property, like jewelry and collectibles, going missing is a big red flag.
- Your Spouse is keeping secrets about finances: If your Spouse doesn't give satisfactory answers to questions about finances, or their income suddenly dips after divorce is filed, chances are they are trying to hide a portion of their money. If you stop getting detailed bank statements, which you were accustomed to receiving, this is another sign your spouse is trying to keep you in the dark regarding finances.
- They are giving expensive “gifts” and “loans” to family and friends: A common way to hide marital assets is to give “gifts” and “loans” to family members and friends. This is a common way to remove money from the marriage's bank accounts until the divorce is finalized. There are also instances where no family/friends were involved, and giving gifts or loans was just a way to funnel the cash elsewhere.
How Can You Discover Hidden Assets During a Divorce?
- Hire a private investigator: A private investigator is incredibly helpful in a contested divorce. They have the skills and resources to discover your partner's hidden assets.
- Petition the court: If you suspect your partner is hiding money intentionally, you can petition the court for assistance. The court will issue an order for your spouse to produce the documents and information. Violation of the order could result in severe consequences for your partner.
- Hire a forensic accountant: A forensic accountant examines financial records and traces hidden assets, including assets held in other states, offshore banks, and businesses.
Dividing marital assets during a divorce is a complicated process. However, you deserve an equitable share of marital property. Contact Florida Women's Law Group if you have concerns about hidden assets. We represent our clients through the divorce process, empowering women to take control of their lives, families, and finances, ensuring that our clients have happier, healthier lives. Contact us today.