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What to do if you suspect a spouse hides assets

When two people divorce, they both need to bring their finances to the table. Some spouses will attempt to hide assets, and they will do this in a variety of ways. One method presently growing in popularity is transferring hard cash into cryptocurrencies

If you suspect your spouse may possess hidden assets, then you need to take action to try to locate them before the divorce is final. Your best bet will be to hire an attorney and a team of forensic accountants to see if your spouse has tucked any finances or valuables away. 

Obtain a copy of income tax returns

Your spouse may lie to you if you ask about finances, but your spouse cannot lie to the Internal Revenue Service. Get a copy of your household's income tax returns to see how much money your spouse reported. You may have been fine with letting your spouse handle the annual taxes, but you need to play a more active role in your family's finances if you worry your partner may have hidden something. 

Look at spouse's business records

You need to be particularly mindful if your spouse owns a business. Many spouses have used joint funds to purchase items for business-stated purposes. For example, a spouse may buy a new car for the "business," but in actuality, the partner wants to use it for primarily personal reasons. 

Review any loan applications

Your spouse may have applied for a mortgage or business loan without you playing that much of a role. To qualify for the loan, the spouse needs to disclose all income and assets to the lender. This could reveal hidden assets the spouse has tried to hide throughout the divorce proceedings. If you cannot attain any of these on your own, then express your concerns to your lawyer. An attorney will have an easier time getting the other party to cooperate. 

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