During a divorce, it is crucial that the assets of both parties are openly shared and considered for matters such as dividing assets and setting a financial limit for spousal support. But what happens if a spouse is hiding assets? There are a few ways people tend to hide finances, whether physical items or money. If you are suspicious that your spouse is hiding income or assets as you prepare for a divorce, reach out to an attorney that is prepared to uncover any hidden assets and fight for your right to an equitable divorce. Here are five signs that your spouse may be hiding assets.
By overpaying your taxes, the United States Internal Revenue Service (IRS) will refund the excess money back to you. If your spouse has been overpaying their taxes, it may be a sign that they are hiding the extra money returned to him or her. This process is essentially a way to receive money in the future without having to share it during the divorce.
Failing to Report Commission, Tips, or Financial Bonuses
When someone chooses not to report extra income they are receiving, such as tips or commission that is separate from their typical income, they can easily hide that money from a spouse or attorney. Most of the time, a spouse will have a general idea of how much money his or her partner makes, especially if they have shared expenses such as a mortgage or car payments. However, a spouse can easily pocket bonuses from work by failing to report them, which leaves the other partner unaware of these funds.