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Is your spouse being honest about their finances?

| Oct 11, 2019 | Divorce & High Asset Divorce |

As a high-asset couple in Connecticut currently going through a divorce, the asset division alone can potentially be a headache. We at Reich & Truax, PLLC, discuss one thing that can make it even more complex: the possibility of a spouse lying about their financial situation.

Unfortunately, some spouses may feel as if they do not “owe” anything to their partner. This is in spite of state laws handling the division of jointly owned assets and property in certain ways meant to result in an equitable or equal share for both parties. In order to protect their assets from what they view as an unfair split, they may go to surprising lengths.

Hiding assets is illegal, but people still do it and they find creative ways to try getting away with it. Some will give shares of money to relatives or friends for safekeeping so they don’t have to document it, but can have it returned after the divorce is finalized. Others will blow large amounts of money on expensive items with the intention of re-selling or returning them later to get their money back.

Others may resort to stashing cash away in physical hiding places. One’s place of employment, areas of the house that you rarely check, or their vehicle are all prime potential locations for these money caches.

Do you have any reason to suspect your spouse of hiding assets to cheat you out of your share? If so, consider contacting us to learn more about ways you can determine if assets are being hidden, as well as what to do if you discover they are.