Protecting What Matters Most

Your spouse is not allowed to hide assets

On Behalf of | Oct 10, 2022 | Divorce

The one thing that you and your spouse are in agreement on is that the marriage is no longer working. Divorce is on the horizon, which means there is a lot to sort out. One of the main priorities will be to distribute financial obligations and assets.

In an ideal world, you and your spouse will be able to negotiate a fair agreement. Often, it isn’t quite as simple as this and the court may need to intervene. If this happens then they will distribute property according to the equitable distribution laws of New York. Essentially, this means that assets and debts will be shared in a manner that is fair to all parties.

If your spouse is attempting to hide assets, then this process cannot happen. How can you tell if this is the case?

Unusual banking activity

You and your spouse had shared checking and savings accounts. You communicated as a team about every major purchase. Now that you’ve decided to divorce, your spouse has started making significant withdrawals without informing you. You’ve spotted this on the statements and are gravely concerned that they are trying to prevent you from obtaining a fair divorce settlement.

Being frozen out of accounts

It could even be worse than the scenario described above. You may no longer have access to the shared accounts because all the passwords have been changed. This means that you are left completely in the dark about financial income and outgoings. Remember, part of that money is yours and you are entitled to your share after the divorce.

As soon as you suspect suspicious financial activity it’s important to act. Having legal guidance behind you will ensure that you know what steps to take.

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