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Safeguarding your financial future during a divorce

On Behalf of | Mar 12, 2024 | Divorce, Family Law |

As your marriage comes to an end, the need to protect your financial future intensifies. Amidst the turbulence of divorce, feelings of resentment or anger may lead your spouse to believe they deserve more than their fair share of the marital property. When the risk of hidden assets is a possibility, exercising vigilance is your ally.

How spouses might conceal assets

A frequently debated part of divorce is property division. Before this, both spouses must fully and accurately disclose their assets. Concealing assets is illegal and may be viewed as contempt of court. Regardless, this does not always hinder a spouse from committing financial infidelity.

It is a regrettable truth that some individualize use various tactics to mask the truth, such as:

  • Making small but systematic withdrawals
  • Overstating debts
  • Colluding with an employer to delay bonuses, raises or commissions
  • Transferring funds to a family member’s account
  • Reporting lower income
  • Overpaying tax bills and then requesting a refund
  • Gifting marital assets without consent

The schemes can be simple or elaborate, and there are many different motivations for them. It could be an attempt to retain more assets, evade alimony, punish a spouse or gain a strategic advantage. Recognizing these strategies early on is paramount to safeguarding your interests.

Precautions to protect your financial well-being and future

To protect yourself, it may be wise to start acting. Compiling and making copies of bank statements, investment reports, property titles and other financial documents may reveal insight into both your joint and individual finances. The more information you have, the more effectively you can respond during negotiations and proceedings.

As you peruse these documents, watch out for unusual transactions, new accounts and other signs of irregularities. Should the numbers feel off, consulting a divorce lawyer may be necessary. Handling divorce issues with legal guidance may mitigate the risk of errors that could potentially hurt your case.

Divorce can feel isolating. Now that your partnership with your spouse has ended, a reliable divorce attorney may provide a beacon of strength. Through proper planning and vigilance, you stand a better chance of emerging from this challenging chapter of your life financially secure.