Is there more than meets the eye re money your spouse withdrew

On Behalf of | Jan 4, 2018 | blog |

When it comes to property division during the divorce process, it’s important to know that the hiding of assets can and does happen.

Is there money missing from your savings account? Did your spouse’s bonus pay suddenly not go through? Your spouse might be hiding assets.

Why and how people hide assets in divorce

Ohio is an equitable property state, as are the majority of states throughout the nation, which means you will not necessarily walk away from your divorce with everything you jointly own split 50/50.

The court determines a fair division of marital property. Some spouses want to tip the scales in their own favor; they try to hide assets to keep them from being subject to division. 

If you think the following information applies to your current circumstances, you may want to investigate further: 

  • The transfer money to a privately owned account. If you notice withdrawals from your joint account that you did not approve, you may want to seek further explanation from your spouse.
  • A spouse who is hiding assets will often act irritated or defensive if the other spouse asks about a bank transaction or some other financial matter. For instance, if your spouse usually has cash on hand but keeps telling you he or she is broke, it might be cause for concern.
  • Making large purchases then trying to understate the value of the items when listing assets during property division proceedings. 
  • Suddenly selling assets, and the supposed buyer is a friend or family member.

Hiding assets in divorce is against the law in Ohio and all other states. When you were hoping to obtain a swift and agreeable settlement so you can get on with your life, it can be very upsetting to think your soon-to-be former spouse might be willing to break the law just to keep you from getting what is rightfully yours.

If you think this is happening, contact an experienced divorce attorney.