North Carolina is an equitable distribution state when it comes to property division in divorce proceedings. When spouses divorce, a judge will divide marital property as fairly (equitably) as possible based on the circumstances. However, if a spouse feels as if he or she will lose money or assets in the divorce proceedings, they might resort to withholding financial information or attempting to hide assets. Here are some ways a spouse could attempt to hide assets or financial information amid divorce.
What to look for
If a spouse knows what to look for, it can be easy to tell if the other party may be attempting to hide things. A big red flag is when a spouse becomes controlling over financial matters or restricts the other spouse’s access to certain accounts. Other clues that indicate something may be amiss involve refusing to explain transactions or asking for signatures on vague legal documents without giving reasons or a chance to read them.
What to do about it
Before completing a divorce, a spouse has the right to expect a fair settlement and to know the truth about their financial affairs. Sometimes, a spouse may have to take matters into their own hands to get to the bottom of the finances. Meeting with a forensic accountant may be helpful since these professionals are experts at finding money and assets. However, consulting with a knowledgeable legal professional can be the best approach to this situation. An experienced North Carolina divorce attorney can analyze an individual’s circumstances and give invaluable guidance while protecting the client’s interests.