Is your spouse hiding assets before your divorce?

| Jan 31, 2021 | Divorce |

The breakdown of your marriage may expose sides of your soon-to-be ex-spouse you had no idea existed. Even if you have known your husband or wife to be an honest person, he or she may try to gain an unfair advantage during your divorce. Specifically, your spouse may hide assets from you and possibly even the court.

In Mississippi, divorcing spouses receive an equitable share of the marital estate. Still, if you do not know assets exist, you may end up with far less. Fortunately, there are ways to uncover hidden assets.

How do spouses hide assets?

If your husband or wife primarily handles marital finances, he or she may be in a unique position to deceive you. Here are some common ways your spouse may try to hide assets in the lead-up to your divorce:

  • Making loans to friends, family members or business associates
  • Spending money on items only he or she wants
  • Deferring commissions or salary until the divorce concludes

How can you find hidden assets?

If you suspect your spouse is hiding assets, you may decide to hire a forensic accountant or another financial professional to find them. You should also scrutinize your financial records to look for discrepancies.

What are the consequences of hiding assets?

Hiding assets before a divorce is a mistake, as doing so often has serious consequences. For example, a judge may hold your husband or wife in contempt of court. If your spouse breaks the law to deceive you, he or she may even face criminal charges.

After you uncover the deception, you may also ask the judge to award the value of the hidden asset to you. Ultimately, because hiding assets tends to irritate judges, you may receive more than an equitable share of the marital estate.