Hidden Assets in Divorce

Hidden Assets in Divorce

Is your divorce showing signs of hidden assets?

Whether you and your spouse were married less than 10 years or for several decades, you no doubt encountered ups and downs in your relationship. When you decided to file for divorce, it might have been after a long period of decline in your marriage or following a specific incident, such as an extramarital affair. Regardless of the details that led to your decision, it’s understandable that you want to achieve a swift and fair settlement.

It’s nearly impossible to obtain a fair settlement if your spouse refuses to play by the rules, especially regarding property division proceedings. Washington is a community property state. Family court judges typically split all marital property and debt 50/50 between spouses in a divorce. If your spouse is hiding assets, it might be tough for you to get your fair share.

How do you know if your spouse is hiding assets?

Hidden asset problems are not uncommon in community property states. If your spouse wants to hang onto more than 50% of the marital property shared between you in marriage, he or she might find ways to stash cash or otherwise try to beat the system. The following list shows issues that should raise concern if you suspect a hidden asset scheme:

• You notice money missing from a jointly owned bank account.
• Bank statements arrive in the mail for accounts you know nothing about.
• Your spouse paid more than necessary on tax returns or a credit card balance.
• You discovered that your spouse was having an affair, and there’s money missing from your household funds.
• Your spouse starts giving you cash to spend on a regular basis.

The latter might occur in order to try to keep you from monitoring your bank accounts. Overpaying on tax returns or a credit card balance means that the overpayment will come back to your spouse as a refund at some point.

Does your spouse get defensive when you ask about money or other assets?

If something doesn’t seem right to you regarding finances or assets, it’s a good idea to ask your spouse about it. When you’re preparing for divorce proceedings, you want to be as organized and informed as possible, so it’s important that you know everything there is to know about your household funds and marital property.

If your spouse gets angry or seems defensive when you ask about a withdrawal from your bank account or the value of a painting that he or she just bought, etc., you may want to further investigate the situation. People often become defensive or argumentative when they’re trying to hide something from their spouse.

Bring it to the court’s attention

If you have evidence to show that your spouse is hiding assets in a divorce, it’s definitely something the court will want to know. It is illegal to hide assets in a divorce, and the court can hold someone in contempt for doing so.