If you do not handle the finances in your marriage, divorce can be a scary idea, especially if you do not work or make very little. How will you live? How will you pay for an attorney? And, another concern is whether your spouse will hide assets, especially since you have no idea the scope of the current marital estate, which is the focus of this Alexandria post.
Financial infidelity
While you may not know it, your spouse may already hide assets. In fact, according to experts, about 30% of couples in the United States experience this kind of financial infidelity. However, as many as 75% of couples describe some kind of negative hidden-money or account situation, and of those couples, 10% of them end in a divorce. This is why hidden assets can become an issue within every divorce, especially high-asset divorces in Alexandria, Virginia.
Red flags
Even though you may not handle the finances, you can be on the lookout for the red flags of hidden assets. The biggest red flag is they refuse to include you in financial discussions or share financial information and access. Being evasive about account access and money matters is also a huge red flag. Does your spouse hide financial documents or keep them in a place in which you do not have access? When you ask about the marital financial help, are they evasive or refuse to give details? If so, chances are, there is something wrong, and it could be that they are hiding assets or debts.
How can you find out?
If you have not already initiated the divorce process, check the mail yourself and open bank and account statements. Open mail that you do not recognize. Next, check your accounts that have cash or liquid assets, like stocks. Look for withdrawals to accounts that you do not recognize. Check those same accounts for unusual or large purchases that you do not recognize. And, remember, they may be hiding debt too.
Conversation
If you suspect that your spouse is hiding assets or debts, you need to approach them with care and sensitivity. Even if you have not found any proof of such hidden assets or debts, your gut feeling may still be right. You may need to hire an Alexandria, Virginia, expert to get to the bottom of your concerns.
