5 Ways That People Hide Money During Divorce
Did you know your ex opening a new bank account during the divorce could cost you thousands of dollars in support? With emotions running high and the inevitability of hurt feelings, it is easy to turn a blind eye to the finances.
For many, it is inconceivable that the one they once loved and trusted so much could turn around and hide money on them. Unfortunately, this happens more often than you think and often to the partner who has had little involvement in managing the family budget.
People tend to hide money in all of the ways you think they would. Here are five places you can look if you suspect your spouse of hiding money on you:
Debt Repayment
Often times if a spouse is trying to keep as much of the family assets as they can for themselves they will opt to pay a personal debt rather than share. Did your spouse come to the marriage with debt or take out a loan to finance a new business venture? Has that loan magically been paid off well before they thought it would be?
Does your spouse suddenly owe a large sum of money to a close friend? Do they try to brush off your confusion by reminding you that you’ve had this conversation a million times before? Trust yourself on this one; you’d most likely remember a $10,000 loan to help your family through the hard times you don’t remember ever having suffered.
Deferred Payments and Unreported Income
Does your spouse always receive a generous bonus at their company’s fiscal year end? If that bonus just didn’t materialize this year it may not be that the company didn’t do as well as in previous years.
Does your spouse generally earn a larger commission than they’ve reported lately? It most likely isn’t that they’ve lost their ability to sell a product they’ve believed in for the last decade of your marriage. Find out if they are having their payments deferred or possibly even depositing them to a personal bank account that you are unaware of.
Fake Expenses
If your spouse owns their own business they could be paying a full salary to an extra employee they don’t actually employ. They could also make up bills for services never rendered by vendors that have never existed. It would be worth combing through the company’s expenses for any recent anomalies.
Expensive Assets
Has your spouse recently developed a nearly insatiable love for fine art? Check to make sure that they haven’t been spending the company’s fortune on a gorgeous new painting for the office, or a lavish “team building” vacation at a luxurious location. With a few easy purchases, the company profits could diminish greatly.
Custodial Accounts
Has your spouse opened a custodial account in your child’s name? Although these accounts are not as simple as advertised they can prove to be a clever way of siphoning assets that are meant to be shared.
The one thing to always keep in mind is that human beings are creatures of habit, especially when it comes to financial matters. The biggest possible red flag is a change in spending habits. Don’t doubt yourself if you suspect your spouse of taking advantage of you financially. You have just as much of a right as your spouse does to walk away from the marriage with your fair share of the marital assets. Failing to disclose all assets and liabilities is a crime! Request copies of bank statements, look at credit card statements, inquire about investment accounts, contact the HR department at your spouse’s place of employment, and seek help from a lawyer.
Turn to a Trusted Legal Expert for Help during Divorce
Are you worried your soon-to-be ex-spouse is hiding money from you? You need an experienced divorce lawyer to ensure that you get everything you rightfully deserve during the breakup.
Fine & Associates Professional Corporation is a well-respected Toronto Law Firm that prides itself on providing quality personal service and favourable outcomes in Family Law and Divorce Law.
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