When you filed for divorce in a Kentucky court, you may have hoped to settle swiftly and amicably so you can leave the past behind and move on in life. You understood from the start that these life changes would have a significant impact on your children’s daily lives as well, but you were hoping to work as a team with your spouse to agree to child custody terms and to navigate property division proceedings.
If you, at some point, have begun to suspect that your ex isn’t going by the book regarding property division, it’s important to investigate before things get out of hand. Is there money missing from a jointly owned account? Do you have reason to believe your spouse is trying to hide assets? Full disclosure is a requirement under property division regulations.
Red flag issues that may mean you have a hidden asset problem on your hands
You have hopefully been actively involved in handling finances during your marriage. If not, it might be a bit more difficult to uncover a hidden asset problem. The following list includes numerous ways that spouses who are attempting to beat the system often use to hide assets in divorce:
- Denying that assets exist is a common means for trying to gain the upper hand in property division proceedings. Is there artwork or jewelry missing from your house?
- Perhaps, your spouse recently gave a substantial amount of money to a relative or friend. If you inquired about it and your spouse told you it was payback for a loan or that it was a loan, then you might want to further investigate the situation if you don’t trust your spouse.
- If a parent helps a minor open a juvenile bank account, the parent’s name must be on the account. This, unfortunately, is an easy way to hide money in divorce because the parent in question can make deposits or withdrawals from the account at any time.
- It’s a good idea to carefully review tax information if you suspect a hidden asset problem in divorce. Some spouses overpay the IRS or overpay on credit cards as a way of stashing money.
- Have you looked around your house to see if there is money hidden somewhere? Many spouses hide assets by stashing cash in drawers, attics, under cushions of furniture or in between pages of a book.
It may be emotionally upsetting to think that the person you were married to and have children with is not being fair in property division proceedings. It may be of comfort to know that the judge overseeing your case will be on your side if you can show evidence that your ex is hiding assets in divorce. This is illegal behavior, and the court can hold a person in contempt who tries to beat the system.