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How to know when a spouse is hiding assets

On Behalf of | Jan 6, 2024 | DIVORCE - Property Division

Some of the biggest arguments and disputes when ending a marriage revolve around money. In a North Carolina divorce, there are many factors that determine how property is divided and how much spousal or child support should be paid. To get a reasonable financial settlement in a divorce, both spouses must be financially transparent. Here are a few red flags that could mean a spouse is hiding assets or money. 

Being controlling or getting defensive 

When a spouse is being controlling over financial matters, it could mean they are hiding things. For example, if the spouse suddenly restricts access to financial accounts or statements, they may be concealing something. Also, if the spouse gets defensive when questioned or refuses to explain certain transactions, it could signify they are hiding money or assets. 

Using cash, opening accounts or moving money 

Another red flag to watch for is if a spouse begins making a lot of cash only transactions. Cash transactions are often harder to track due to the lack of a paper trail. Spouses who are hiding finances may also open new separate bank accounts or move money around to make things more confusing to the other party. 

Obtaining legal help 

Before agreeing to a settlement or going to trial, each spouse has a right to know the truth about the financial situation. Obtaining the services of an experienced legal representative is recommended when dealing with these types of issues in a North Carolina divorce. A knowledgeable attorney can protect personal rights and interests while working to help the client achieve the best possible outcome.