“There are some red flags that may help divorcing spouses, and even happily married people, determine that their partner may be hiding assets. Aside from being aware of the family’s economic situation, there are several ways to spot asset-hiding:
- Changes in mailing addresses for financial and bank statements. Spouses must be attentive when bank and other statements that used to be mailed to your home are now being mailed to a spouse’s office or post office box. If statements are no longer being delivered to your home address, you may want to contact the bank, credit card company, etc. to ensure that you obtain copies and that you keep these for your records.
- Large purchases. Beware of sudden purchases of items that could be undervalued or overlooked in a divorce, like expensive art, furniture, or collectibles.
- Underreporting income on tax returns or financial statements. When a financial analysis is performed in order to divide marital assets, unreported items may not be included.
- Overpaying IRS or creditors. Some spouses will overpay their taxes or creditors in order to get a refund after their divorce is settled.
- Sudden salary, bonus, or commission decrease. Some spouses may defer their salary, commissions, and bonuses until after the divorce to seem like they have a lower income.
- Sudden increase in debt. Many spouses create phony debt in order to seem less financially solvent.”
Quoted from an online article published by Collins & Collins, P.C. Attorneys at Law
I list two other about spouses hiding assets. Although the author, Mr. Jeff Landers, writes his articles for the wives, where assets can be hidden remains the same for either spouse; hiding assets is an equal opportunity game.