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Uncovering hidden assets during a divorce

When filing for divorce, most Ohio residents want a fair and equitable settlement. This can be hard to do if one spouse is hiding assets. One party's unscrupulous behavior does not have to leave the other person short. Here are some signs that might indicate a spouse is being less than forthcoming.

Setting aside money into a separate account is one way people hide funds. If joint bank accounts have frequent withdrawals and a spouse can't explain where the money is going, he or she may be hiding it. The same could be said if there is a sudden withdrawal from a pension fund, IRA or savings account. The person making suspicious withdrawals may also try to limit their spouse's account access or stop paper statements from coming in the mail.

Many people believe that alternative currencies such as Bitcoin are safer methods of hiding assets. Accordingly, individuals should take note if their spouse suddenly develops an interest in cryptocurrencies but does not want to share that new passion with their partner. After filing for divorce, petitioners may notice that certain financial information is missing from disclosures. For example, the other party may not mention bonuses, overtime earnings or other income. He or she may be working a second job yet fail to provide pay stubs or W-2 forms.

When one person hides assets, the other spouse can receive an inequitable settlement. An attorney who is familiar with high-asset divorce may help a client recognize the warning signs that something is amiss. If warranted, a lawyer might be able to uncover information about those hidden assets to ensure that clients are treated fairly.

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