What Should I Do If I Think My Spouse is Hiding Assets?
Not everyone handles the pressure of divorce well, and some will go to any means to protect what they think is theirs. Unfortunately, this sometimes means spouses will hide assets from one another in an attempt to protect those properties or funds from being divvied up in the divorce. Hiding any assets in a divorce is illegal and can have serious repercussions. Nevertheless, people continue to lie in court to try and retain certain property in a divorce. If you think your spouse may be trying to hide something during your divorce, make sure you know what to do to protect your interests and seek justice.
Is your spouse hiding assets during the divorce process? If you suspect foul play, follow these key steps:
Do Some Research
Before you begin making accusations and calling in financial teams, do a little bit of homework and learn about the basics of concealed assets. Most people hide assets by liquidating them, using a business to conceal the assets, transferring them to someone else for safekeeping, hiding them under a child’s account, using a phony name, or by using those assets to pay fabricated debts. Do any of these common scams sound familiar? If you notice anything suspicious lining up with typical actions associated with fraud, you need to take action.
Once you have an idea of what your spouse may be doing to hide the assets, it’s time to take action. Look into what you can, whether that means looking at bank account statements, reviewing investment information, or calling up your accountant for a full record of any recent activity on your joint accounts. Essentially, you need to gather all the information you can to better assist the professionals when they look through your assets to identify any suspicious activity.
Inform a Lawyer
If you suspect your spouse is hiding money during your divorce, you need to tell your divorce attorney right away. The moment you have any type of proof or cause to believe that your fears are valid, your lawyer needs to know about the potential foul play, because it could completely alter your case. Plus, when you tell your attorney, he or she will know precisely what to do in order to protect your assets.
Seek Financial Help
To ensure you don’t miss anything, it’s best to hire a professional. You need to work with a forensic accountant or a private investigator. A private investigator will know how to look into your spouse’s recent activities, but a forensic accountant will know precisely what to look for when it comes to asset concealment. If you aren’t sure which to hire, consult your attorney.
At McKinley Irvin, we have ample experience working with asset concealment in divorce cases. We use our resources to supply our clients with the information and help they need when they find themselves facing these types of problems. If you fear your spouse may be trying to steal certain properties, funds, investments, or other assets from you, you need to take immediate action.
Contact McKinley Irvin to discuss your case with our Oregon divorce attorneys.