Divorce is life-changing in many ways. When divorce is on the horizon, one of the concerns you will likely have is your financial security going forward. Specifically, you will be concerned about what you will walk out of the marriage with.
During the divorce, the court will require both parties to disclose their assets. This is to ensure fair property division per Georgia’s equitable distribution laws. Unfortunately, it is not uncommon for one or either spouse to attempt to hide marital property. But what exactly does this mean?
Understanding how couples hide marital property
In the context of divorce, hiding marital property refers to when one or both spouses deliberately conceal what they own to deceive the court so their financial situation looks less significant than it ought to be. The overall motivation is usually to influence the outcome of the property division case and leave the marriage with more assets. Some also hide assets to punish or control the other party.
Depending on the circumstances, here are some of the signs you need to look out for if you suspect that your soon-to-be ex is hiding marital property:
Heightened control of finances – While you were living together, you probably had a joint bank account. However, with divorce underway, you’ve noticed that your spouse has changed your joint account’s online banking credentials, or they have since set up a separate drop box for receiving account statements. These, among other practices like opening a secret bank account in their name, could be signs that they are trying to hide marital property.
Uncharacteristic spending – If your spouse is suddenly interested in uncharacteristic spending like purchasing vintage vehicles, artifacts or other assets, then chances are they could be dissipating marital property with the goal of selling such items off once the divorce is over to recover the money.
Hiding marital assets is a serious mistake that can result in severe consequences, including the possibility of a criminal charge. Find out how proper legal guidance can help you safeguard your rights if you suspect that your spouse is hiding marital property.