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For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services

Is your spouse hiding money in a divorce?

On Behalf of | Jul 14, 2021 | Divorce |

Getting a divorce in New York may feel daunting. The process starts and ends with a deep dive into your financial situation. Giving the court a full and accurate accounting of your assets and debts is critical to dividing things according to the law.

What if you suspect something is off about your spouse’s financial disclosures? Hiding money does not play out well in court, and the offending spouse may face penalties. If you believe your spouse is trying to hide money during your divorce, there are a few places you should start looking.

Joint bank account

Many couples have joint bank accounts out of which they pay bills. This is a good first place to look for troubling transactions. You may want to start the search months before the divorce began. Look for any unexplained cash withdrawals, transfers to unknown accounts or large payments towards the debt. This last red flag may prove an attempt to decrease debt and assets in preparation for the equitable property division during divorce.

Unknown credit card statements

Excessive spending before and after the divorce is one way a spouse may attempt to hide money. While some expenditure of money is necessary to establish a separate life, there is a limit. Some spouses open up new credit cards or tap into old lines of credit to spend more money than they should. The hope here may prove twofold. First, the offending spouse may believe that increasing the debt increases the burden on the other spouse. Second, it may provide a way to funnel money to someone else to hold until after the divorce becomes final.

The discovery process during a divorce may prove an effective way to do some digging into your spouse’s financial actions leading up to and during the divorce.