Is the Ex Hiding Assets? Clues to Look Out For
Along with the emotional fallout and stress that comes with divorce, there are financial implications to think about as well. Cost of living continues to rise at a steady rate, and the loss of half or more of the family income post-divorce could prove to be catastrophic.
CA is a community property state, which means that all assets, income, and liabilities are usually split evenly amongst both parties. This can help ensure that everyone gets an equitable divorce, but reality isn’t always so clean-cut. Many times people will go to great lengths to hide assets and use other deceptive practices to benefit themselves with a bigger piece of the pie.
Today, we want to discuss some potential clues and signs that could tip you to the fact that the ex is actively hiding assets.
Clues That the Ex is Hiding Assets
The ex has a tight grip on finances: An imbalance of control in finances can be a red flag. Did the ex handle everything from incoming funds to taking care of all bills? When one person does not have visibility into every transaction, this creates the perfect opportunity for someone to fudge the numbers and hide assets.
Records of unusual expenses or withdrawals: If you do have access to your financial statements, we advise that you go through them with a fine comb. Note any unusual expenses outside of the expected budget, as they could point to shady activities or attempts to squirrel away assets.
The use of a business account even in personal matters: There are many legitimate uses for a business account, especially for entrepreneurs and ambitious individuals. However, a business can also make it easy for an ex to hide assets. If your ex didn’t give you access or kept those records separate, this is often a red flag for misrepresentation of assets.
You find cash or assets that can’t be traced easily: If you have come across large sums of cash or other unreported assets regularly, note that these need to be accounted for during the asset division process. Keeping things off the books makes it hard for there to be supporting documents and evidence, which can make it easier for someone acting in bad faith to misrepresent their true wealth and total number of assets.
Talk to a Family Law Attorney Today
Asset division can be a tricky process, even more so if the ex is not engaging honestly and in good faith. Make sure that you’re accounting for your future financial landscape once the divorce dust settles, and consult with a qualified family law attorney today. Give us a call at 925-271-0999 to schedule a initial consultation with us at the White Oak Law.