One spouse hiding financial assets from the other happens all too often, and it can spell disaster during a divorce.
Couples in Arkansas who are going through a divorce often fight over the division of property. However many people don’t expect to find out their partner is hiding something from them. Unfortunately, when it comes to financial assets, it happens far more often than people think. This secrecy is often in the form of a hidden bank account. According to Fox Business, 45 percent of adults surveyed in a poll said that they have savings accounts that are kept secret, while two-thirds of adults have a credit card account that their significant other doesn’t know about.
Why do people hide accounts?
There are many different reasons why a spouse may be hiding things from the partner. If it is a credit card account, the person may be trying to cover transactions. If it is a savings account, the person may not feel entirely secure with their partner and they believe they need to protect their assets. Other reasons may include a desire to report higher expenses and lower revenue, overstate debts, or even to undervalue or hide certain assets.
What are the signs of hidden assets?
While it can be difficult to know if a person is really keeping a secret, spouses can pay attention and be aware of certain red flags that may indicate a hidden account, such as those in the following list:
- The spouse, without reason, has many personal or business accounts, or continues to open more.
- Large amounts of debt that are not explained begin accruing for the person in question.
- The spouse visits countries that have banking laws which are less strict, and makes these visits quite frequently.
- Over a short time, one partner seems to change cellphone numbers rather frequently or even owns multiple phones.
- Purchases of new jewelry or cars from out of the blue
- If there is not a reduction of expenses, and yet one spouse’s income has decreased
Furthermore, frequent gambling where money is placed on account, being involved in abuse of drugs, and an entitled or greedy disposition can all be signs that someone is hiding marital assets.
An illegal game to play
While lying about assets can be damaging to a relationship, things can get even worse if a divorce is on the horizon and a spouse is hiding accounts. Lying under oath while in court can have severe consequences since couples are required to report all of their assets.
People in the Fayetteville area who suspect their spouse is not being truthful about marital property may find it helpful to get counsel from a skilled local attorney who practices family law.