It’s normal to worry about your financial security during a divorce, especially if you and your spouse have a high income. If you suspect your spouse is hiding assets, it’s essential that you know what red flags to look for.
We’ll explore some key signs that your spouse may be trying to conceal assets and how an experienced New York high net worth divorce lawyer can help uncover them.
New York Is an Equitable Distribution State for Divorces
New York follows the principle of equitable distribution when dividing assets in a divorce. This means that all marital property is divided fairly but not necessarily equally between both parties.
The court will take into consideration various factors such as each spouse’s income and earning potential, their age and health, the length of the marriage, and any non-monetary contributions made by either party during their time together. The goal is to come up with a fair division of assets that reflects each party’s contribution to the marriage.
It’s important to note that separate property (property acquired before marriage or through inheritance) is generally not divided in a divorce unless it has been commingled with marital property.
Red Flags Your Spouse May Be Hiding Assets
If you suspect your spouse may be hiding assets or attempting to claim separate property as marital property, it’s crucial to seek legal advice from an experienced New York divorce lawyer. Here are the top warnings signs to pay attention to.
1. Your Spouse Changes the Mailing Address for Accounts
One of the signs that your spouse is hiding assets during a divorce is when they suddenly change the mailing address for accounts. This could mean that they are redirecting financial statements, bills, and other important documents to a different location where you cannot access them.
If you notice this happening, it’s essential to investigate why your spouse has made such a sudden change. It’s possible that they’re simply trying to streamline their mail delivery or move somewhere new. However, if there’s no explanation given or if you suspect ulterior motives, it may be time to start digging deeper.
Unfortunately, tracking down hidden assets can be incredibly challenging without legal assistance. That’s why it’s essential to seek out an experienced New York divorce lawyer.
2. They Cancel Jointly Used Accounting Software
If your spouse cancels any jointly used accounting software, this could be a red flag that they’re trying to hide financial transactions from you.
When couples share accounting software, it’s easier for both parties to keep track of their finances and assets. Canceling the shared software without discussing it with you could mean your partner is hiding assets.
Your spouse may have started using different methods to manage their finances or moved them elsewhere without notifying you. They might even start claiming that they’re doing everything manually or on paper, which can make things harder for both parties when dividing assets during divorce proceedings.
3. They Open a New Business Venture
When going through a high net worth divorce in New York, it’s not uncommon for spouses to hide assets by opening new business ventures. This can be done by transferring funds from marital accounts or creating shell companies that are difficult to trace.
It’s a red flag if your spouse suddenly opens up a new business venture during the divorce proceedings, especially if they have no prior experience in entrepreneurship. They may even claim that the business is failing or not profitable in order to reduce its value during the equitable distribution process.
It’s important to hire an experienced New York divorce lawyer who can help you investigate any newly opened businesses and ensure that all assets are accounted for. Your lawyer may work with financial experts to uncover any hidden assets and determine their true value.
4. They Make Sudden Trips Abroad
One of the most common signs of asset hiding during a high net worth divorce in New York is when one spouse suddenly takes trips abroad. This could indicate that they are trying to move assets out of the country where they will be more difficult to trace or divide fairly in the divorce.
If your spouse has never shown an interest in international travel before and suddenly wants to take a trip, it may be cause for suspicion. They may claim that it’s for business or pleasure, but you should investigate further and see if there are any financial transactions associated with the trip.
It’s also important to note if your spouse starts making large cash withdrawals prior to their trip abroad. This could suggest that they plan on taking physical assets with them such as cash or valuables.
5. Financial Records and Valuables Go Missing
Another sign of asset hiding during a high net worth divorce in New York is when financial records and valuables go missing. It’s not uncommon for a spouse to suddenly claim that important documents have been misplaced or lost, making it difficult or impossible to accurately determine the value of assets.
In some cases, this may be an innocent mistake. However, if your spouse has a history of being meticulous with financial records and suddenly becomes careless or nonchalant about their whereabouts, this could be cause for concern.
Additionally, if you notice valuable items such as artwork or jewelry disappearing from your home without explanation, it’s possible that your spouse is trying to hide them from you.
If you suspect that financial records or valuables are being intentionally hidden during your divorce proceedings, it’s crucial to enlist the help of an experienced New York divorce lawyer who can investigate the situation and uncover any attempts at asset hiding.
Let an Experienced New York Divorce Lawyer Help You Uncover Asset Hiding!
If you suspect that your spouse is hiding assets during a divorce, it’s crucial to take action as soon as possible. By keeping an eye out for the signs that we’ve discussed in this article, you may realize your spouse is concealing money.
However, identifying hidden assets on your own can be complicated and stressful. That’s why it’s essential to work with an experienced New York divorce lawyer who understands how to navigate complex financial situations and uncover any attempts at hiding assets.
If you’re going through a high net worth divorce or suspect that your spouse is attempting to hide assets from you, don’t wait – contact the Douglas Family Law Group today!