Divorce is an emotionally and financially challenging process, especially when numerous assets are involved. Connecticut requires the equitable distribution of marital property to ensure neither spouse is left with an economic disadvantage after the divorce.
But what happens when you suspect your spouse is hiding assets to avoid a fair distribution?
Different ways assets can be hidden
Hiding assets is an unethical and illegal activity undertaken by one spouse to prevent them from being included in the marital property division. It can take many forms, such as:
- Hiding cash by withdrawing money from a joint account and placing it in an undisclosed location
- Giving “loans” to family members or paying off a non-existent loan with the intent of getting the money back after the divorce
- Purchasing luxury items with the intent of understating their value and selling them later
- Transferring money into an offshore account
There are usually signs that your spouse may be hiding assets, including:
- They are suddenly secretive about financial matters
- Passwords and PINS have been changed
- Financial documents disappear, or you’re not given access to them
If you suspect your spouse is hiding assets, acting promptly is essential. Document everything and record all financial transactions that may indicate suspicious activity.
You may also want to hire a forensic accountant. These professionals combine their accounting skills with investigative techniques to analyze financial data and detest irregularities. They will look at their habits and lifestyle to discover if your spouse is hiding assets. They will also review bank statements, tax records and other important documents to identify inconsistencies between reported income and actual spending.
It’s crucial that you discuss your suspicions with someone who can guide you through the steps to address the issue. It may be necessary to request the court to intervene. If so, your spouse may be penalized for hiding assets.
