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What to do if you suspect your spouse is hiding assets

On Behalf of | Feb 21, 2023 | Divorce

Marriage is built on trust and honesty, but unfortunately, there are times when one spouse may hide assets from the other. This can happen for various reasons, including a desire to protect assets from creditors, a fear of losing assets in a divorce settlement, or simply a lack of trust in the relationship. Regardless of the reason, married West Virginia residents should know what steps to take if their spouse may be hiding assets.

Gather information

The first step in dealing with suspected hidden assets is to gather as much information as possible. This might include reviewing bank statements, credit card statements, tax returns, investment account statements and any other financial documents you can access. You should also look for any discrepancies in your spouse’s spending habits or lifestyle that may suggest they are hiding assets.

Consider hiring a professional

If you cannot get the information you need or believe your spouse is hiding assets, it may be necessary to hire a professional. A financial advisor or accountant can help you understand your spouse’s finances and identify any hidden assets. Forensic accountants can also be invaluable in uncovering hidden assets, as they are trained to investigate financial records and identify discrepancies.

Protect your finances

Protecting your interests might include opening a separate bank account, monitoring your credit report for any unauthorized activity and reviewing any joint accounts you have with your spouse. It’s also a good idea to keep copies of all financial documents and records in case you need them.

Consider legal action

If you have serious indications that your spouse is hiding assets, it may be necessary to take legal action. This might include filing for divorce or seeking a court order to compel your spouse to disclose their finances. Sometimes, it may also be possible to file a lawsuit against your spouse for fraud or other financial misconduct.

Seek support

Dealing with the discovery of hidden assets can be stressful and emotionally challenging. Seeking support from friends, family or a professional counselor can help you navigate this difficult time.

Be proactive and calm

Discovering your spouse is hiding assets can be hurtful. However, by taking the proper steps, you can work to uncover hidden assets and protect your financial future. Remember that it’s essential to approach the situation with a level head to avoid costly rash decisions and ensure your rights and interests are protected.