New Jersey couples are supposed to split their assets equitably or equally in accordance with the law during a divorce. However, some spouses may try to cheat the system by pretending they have fewer assets to give. We at Newsome O'Donnell, LLC, are here today to discuss the signs of asset hiding.
First is to examine your spouse’s behavior. Someone who’s hiding assets will usually be a little anxious, jumpy, nervous, or easily agitated, especially when it comes to discussing money and finances. They may act secretive and refuse to show you bank slips or ATM receipts.
Next is their spending habits. When someone tries to hide assets, a popular tactic is to transfer those assets into physical items. Some do this to spite their spouses by buying things that can’t be divided. Others do it in order to funnel their money into something that can be returned or resold at value later, effectively taking that money off of the table during the divorce only to return it after the divorce is finalized.
Finally, they may suddenly be very interested in paying back old debts. Another common trick for spouses hiding assets involves making a claim that they are repaying old debts while giving a share of money to friends or family members. These trusted individuals will then return the “debt money” after the divorce has been finalized.
If you have any reason at all to believe that your spouse is hiding assets from you, consider taking a look at our web page on divorce, linked here. You deserve the assets you are due and your spouse’s actions should be brought to light if they attempt to cheat you out of it.