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Red Flags That Your Spouse Could Be Secretly Hiding Assets

by | Dec 10, 2022 | Uncategorized |

Are you getting divorced in Michigan, and are you worried that your spouse could be trying to conceal assets so that they are not divided in your divorce case? Michigan law requires full disclosure of assets and debts so that they can be equitably divided between spouses in a divorce, yet sometimes spouses decide to violate the law. If you have any concerns that your ex could be hiding assets, it is important to know what you should be keeping an eye out for in your divorce case. The following are some of the common red flags that your spouse could be secretly hiding assets.

Paying More Than the Minimum Amounts Due or Overpayments on Separate Credit Cards or Other Accounts

If your spouse is overpaying on credit accounts or making more than the minimum payments (if they used to make the minimum payments), your spouse could be attempting to pay off separate debt with marital assets.

Changing Access to Financial Accounts and Financial Information

Has your spouse changed passwords or limited your access to financial information? You should be concerned that your spouse is trying to hide assets.

Making Unexplained Withdrawals from Shared Accounts

Any unexplained withdrawals from shared accounts should be warning signs that your spouse may be attempting to conceal assets.

Giving Gifts to Friends or Family Members

Has your spouse recently given gifts to friends, family members, or others from marital assets? This could be an attempt to conceal assets and prevent them from being distributed in your divorce case.

Missing Financial Records or Documentation

If any financial records have gone missing, your spouse could be trying to limit your access to financial information in order to conceal assets.

Alleged Losses in Income

When your spouse alleges that their business has lost income, or that they have not received a regular bonus or have taken an income loss, you should be concerned that this is an attempt to conceal assets in your divorce case.

Purchasing NFTs or Cryptocurrency

In the 2020s, purchasing NFTs or various types of cryptocurrency could be a sign that your spouse is trying to hide or conceal assets. While digital assets and currencies can be complex, purchasing these assets has become a relatively common way for tech-savvy parties to hide assets when a divorce is imminent. If your spouse recently invested in an NFT or there are indications that your spouse has purchased Bitcoin or another type of cryptocurrency, you should make certain that your attorney and your forensic accountant know.

Contact a Divorce Attorney in Michigan

If you have any concerns that your spouse is attempting to hide assets in your divorce case, or if you notice any signs that certain assets may have been concealed, it is critical to seek advice from one of our Michigan divorce attorneys as soon as possible. There are multiple options that may be available to uncover hidden assets, including adding a forensic accountant to your divorce team. Our firm can speak with you today about options and can get started helping you with your divorce. Contact the Law Offices of Michael A. Robbins to learn more about the range of services we provide in Michigan divorces.