When you file for divorce in Virginia without a prenuptial agreement, you and your spouse will need to divide your marital property equitably. This requires that you both accurately report your income and assets.
Sometimes, spouses may try to misrepresent their financial circumstances to decrease their child support obligation or increase the property they receive after the divorce. Here are four signs that your spouse is hiding assets:
1. Missing financial statements and records
Your spouse may try to hide suspicious financial activity by:
- Stopping paper bank statements
- Hiding financial records
- Changing online banking passwords
You should ensure that you receive all your bank and credit card statements and double-check that you have access to your online accounts. Additionally, make copies of all important financial documents.
2. Business discrepancies
If your spouse is a business owner, they may try to misrepresent their business expenses or income. Look for unexplained or unnecessary payments and other discrepancies in the business’s books.
3. Lifestyle changes
Sudden lifestyle changes that are inconsistent with your spouse’s income should cause you concern. Pay attention to any large or lavish purchases that are out of character.
4. Large gifts or loans
If your spouse makes unexpected loans or monetary gifts to family members or friends, they may be using this common method of hiding cash until after the divorce. They may also claim they need to pay back a loan that you do not know of to avoid property division.
If you see any indication that your spouse may be hiding assets, document your findings thoroughly and make copies of all relevant financial records. These two steps could be essential to ensure you receive your fair share of marital property.
