Divorce is stressful, emotionally and financially. Things can feel even more overwhelming if you think your spouse isn’t being honest about your money. Hiding assets means one person tries to keep marital property secret so it isn’t split fairly during the divorce. People may hide assets for many reasons, like wanting to “win” or acting out of anger.
If you suspect this is happening, it’s important to trust your instincts and know what to look for.
Red Flags to Watch For
Look for sudden changes, like your spouse getting unusually private about money. Other warning signs include:
- Large or unexplained withdrawals from joint accounts
- Mail or statements from banks you’ve never heard of
- New accounts opened in just their name or a child’s name
- “Repaying” loans to friends or family members out of the blue
- Claiming their business is suddenly losing money without explanation
The Consequences of Hiding Assets
Both spouses in Michigan are legally required to fully and honestly share their finances during a divorce. If someone is caught hiding assets, the judge can award the other spouse a bigger portion of what’s owed, require the dishonest spouse to pay legal fees, or issue other serious penalties.
Uncovering the Truth
If you think assets are being hidden, don’t panic, take careful steps. Start by gathering any financial records you can access, like bank statements, tax returns, and credit card bills.
Uncovering more complex schemes often takes extra help. A forensic accountant can follow the money trail and spot things you might miss. Most importantly, you’ll want a skilled attorney on your side to guide you, fight for your rights, and make sure you get what you’re entitled to.
Ready to Take Action?
If you’re facing divorce and worried that your spouse could be hiding assets, you deserve a strong advocate, someone who will support you and stand up for your interests every step of the way. Contact us by filling our contact form or call 248-929-9750 to see how we can fight for you.