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Be on the lookout for signs of hidden assets in your divorce

| Jun 29, 2018 | Divorce

There is a certain degree of financial uncertainty that goes hand-in-hand with an impending divorce. Unless you have an ironclad prenuptial agreement, chances are good that the courts will have the ultimate say in who gets what.

In general, Maryland courts do their best to fairly divide both assets and debts acquired during your marriage. However, when one spouse attempts to hide assets from the courts or the other spouse, that can unfairly skew the outcome of the asset-division process.

Watch for warning signs that your spouse is hiding assets

One of the most important things you can do to protect yourself is get copies of all pertinent financial records for the duration of your marriage early in the process. Incomplete and inaccurate records could leave you more vulnerable to unscrupulous actions on the part of your spouse.

If you notice any kind of discrepancy between income reports and the funds that reached your bank account, that could be a red flag for hidden assets. Regular cash withdrawals could also be a warning sign of your spouse attempting to game the asset-division process.

These, and other, warning signs may be sufficient reason to retain the services of a forensic accountant. These financial professionals have the skills to track down missing finances, even if your spouse has made every effort to cover his or her tracks.

Hiding resources could end up impacting how the courts allocate your assets in the divorce. The courts may penalize your spouse and allocate more of your marital assets to you over the attempt to hide assets.

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