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Can I figure out if my spouse is hiding assets?

On Behalf of | Feb 22, 2023 | Firm News |

Hiding assets is such a serious breach of trust that it is also known as financial infidelity. It affects as many as 30% of United States couples, and of those, a tenth of them divorce as a result. It can be just as serious as physical infidelity, and finding out about it can take just as much sleuthing as any Gulfport, Mississippi, public investigator does looking for a cheating spouse. And, some of our readers may wonder how they can figure out if their spouse is hiding assets (committing financial infidelity).

Where there is smoke, there is likely fire

Just like with cheating (traditional infidelity), if you suspect financial infidelity, you are likely right. However, that suspicion is not always right. Remember, 70% of United States couples do not experience financial infidelity.

The biggest red flag is whether your Gulfport, Mississippi, spouse is open about your finances. Do they talk about budgeting with you, spending, debts, accounts, etc. When you ask questions about bills, accounts, assets, etc., do they answer you? When you want your own credit cards, do they give them to you? If you want access to an account, do they give you the username and password? If so, your spouse likely is not committing financial infidelity because the biggest sign of it is secrecy.

Unexplained transactions

Nonetheless, you should still look for unexplained Gulfport, Mississippi, transactions, usually one-time large withdrawals or periodic small withdrawals. Check for this on both your account statements (bank, brokerage and credit accounts) and your credit reports (loans that may not show up on your other accounts).

If you do not recognize anything, ask. If you are not satisfied with the explanation, dig deeper and follow the money. If you cannot account for or track the money, keep digging until you find it. You may not like what you find, but you need to know now.

Expert help

Of course, if you do not have time to reenact your favorite Magnum PI scenes, you can always hire Gulfport, Mississippi, experts to create a full accounting of your marital estate. These experts include CPAs, forensic accountants your divorce attorney, etc.