Red flags that can signal a spouse hiding assets

Posted by Lauren S. CohenJun 11, 20180 Comments

You worked to support your husband during the early days of your marriage while he completed his college education. Like many other New York wives, you stayed at home when your children were young because it was more affordable than paying for child care. Once the kids got older, you got a part-time job for extra income, since your husband was making more than enough money to keep your family comfortable.

Unfortunately, your financial situation has changed drastically now that you are split up. Your husband is still well-off, but you are struggling. Even worse, you suspect he might be hiding marital assets that could help you after your divorce.

Both spouses must honestly disclose their income and assets to the court during divorce proceedings. However, it is not uncommon for one spouse to report a lower income or hide assets from the judge. The following clues might signal your husband is trying to conceal his assets:

  • You are certain funds went missing from your joint bank account before you went to court, but when confronted, he says he has no idea what you are talking about. You might see bank statements or emails from an unfamiliar financial institution.
  • He recently sold recreational vehicles and other expensive possessions that should have been joint property, but did not split the profit with you or report it to the court.
  • You know he gets a significant annual bonus from work, but he did not tell the judge and was evasive when you asked about it.
  • He quit his job and took a new position with a much lower salary, with no reasonable explanation.
  • His social media activity, such as photos of expensive purchases and a recent exotic vacation, bely the dismal income he reported to the judge.

It can be worrisome, not to mention infuriating, if your husband is dishonest when reporting his income and assets during your divorce, as this could affect the amount of your alimony and child support. It may help to gather evidence of his dishonesty and seek experienced counsel if you suspect your husband is hiding assets.