No matter if you just filed for divorce or are in the middle of the divorce process, it can be uncomfortable when you suspect that your former spouse is hiding assets from you. Fortunately, an experienced divorce attorney can help you respond to this type of illegal activity. It can also prove helpful to understand some of the most common ways that spouses hide assets before and during divorce.
How to Spot Signs of Asset Hiding
Some of the most common signs that a spouse or former spouse is hiding assets include the following:
- Automatic payments that are made to accounts with which you are not familiar, which might suggest that your spouse is slowly emptying an existing shared account.
- Credit cards that are overpaid in an effort to hide purchases.
- If your former spouse operates a small business, payments to fake workers who do not exist but offer a way to hide funds until after the divorce.
- Payments by a former spouse to the post office, which might be rental payments for a PO box which the former spouse is using to receive confidential mail.
- A spouse who is giving gifts to friends or relatives, which is likely a way of transferring money to people your spouse trusts to return it after the divorce is finalized.
- Part or all of a spouse’s income being deposited into another account, which is often a sign that a spouse is attempting to secretly funnel money into an account to which you will not have access.
- Spouses who open custodial accounts for one or several children. While these accounts might be in the child’s name and the spouse’s social security number might be attached to it, the account is just used as a way to transfer money to an account that only your spouse can access.
- Spouses who purchase expensive items, which are just a way to convert money into tangible assets.
- The removal of your name from joint accounts or being blocked from accessing existing accounts.
- Unfamiliar bank account or credit card statements that arrive in the mail, which suggest a spouse opened separate accounts in which to place assets.
The Consequences of Hiding Assets
There are several types of charges that a former spouse who hides assets can end up facing. First, the former spouse can be charged with perjury if he or she lies under oath or provides any type of information to the court that is intentionally misleading. Georgia law takes perjury very seriously and a person can end up facing large fines and even imprisonment. Georgia law also prohibits former spouses from transferring real estate or a trust while intending to still maintain control of the asset.
Contact a Skilled Divorce Lawyer Today
If you believe that your spouse is hiding or attempting to hide assets, you should not hesitate to contact an experienced divorce lawyer who understands how to best respond in these situations. Contact Vayman & Teitelbaum P.C. to schedule an initial case evaluation.