07 May 6 Signs your Spouse May Be Hiding Assets
In many instances, dividing marital assets may be one of the most contentious and challenging aspects of a divorce. New Jersey is an equitable distribution state, which means that all marital assets must be divided between spouses in an equitable, but not always equal, manner. However, it’s common for one spouse to hide some of these marital assets prior to the divorce in an attempt to keep a larger share of the pie.
In many instances, one spouse will start planning for the divorce prior to filing paperwork. In some cases, this planning may go on for several years in order for one spouse to horde away valuable assets that would normally be divided in the divorce.
Here are 6 signs that your spouse may be hiding assets and income to which you may be entitled:
- Your spouse maintains total control of your family’s finances and doesn’t allow you to have access to bank statements, credit card statements, and other important financial documents.
- Your spouse maintains places outside of the home that you’re not allowed to have access to. These may include an office, safety deposit box, or a P.O. Box.
- Your spouse doesn’t allow you to access certain sections of your home. When you’re denied access to the computer, home office, or other area where financial information can be kept, it becomes much easier for your spouse to hide assets from you.
- Your spouse is self-employed and under-reports income on tax returns. Often, it can be difficult to prove this in court, and you will need the assistance of experts such as forensic accountants to evaluate your spouse’s tax returns in comparison with your marital lifestyle.
- Your spouse has created a trust account in the name of a third party. This is a common strategy used to transfer ownership of marital assets to someone else in an attempt to prevent them from being divided equitably during a divorce.
- Your spouse keeps money in a foreign bank account.
Fortunately, you can still uncover these hidden assets during the divorce proceeding. Jeffrey M. Bloom has over 25 years of experience handling divorce matters for individuals in West New York and throughout Hudson County, New Jersey. He has handled many high asset divorce cases, including situations where the other spouse was hiding assets. Mr. Bloom works with a team of forensic accountants and other financial experts who can help you uncover hidden assets so that you receive your appropriate share of the marital property.
Please contact the Law Offices of Jeffrey M. Bloom using the form at the top of the page or call (855) 208-3650 today to schedule your divorce consultation. Mr. Bloom serves clients in West New York and throughout Hudson County and Bergen County, New Jersey.