Dividing property and assets is often one of the most stressful parts of a divorce in California. In high-asset divorces, dividing assets and property can be complicated and time-consuming. When couples have a high net worth, it is not uncommon for one spouse to attempt to hide assets from the other spouse. Hiding property and assets amid divorce is not only a bad idea, but it can also get a person in a lot of trouble. Here are a few things that could signal a spouse is attempting to hide assets.
Red flags
There are a few actions or clues that could signify that a spouse is hiding or attempting to hide money or assets. For example, when asked about financial matters, if he or she tries to dodge the questions or just refuses to share financial information, it could be a red flag that something is being hidden. Other things to watch for are sudden changes in spending habits, like unusual purchases or withdrawing large sums of money.
Where to go for help
The main reason why a spouse may try to hide money or assets prior to divorce is because the law requires a split of marital assets. California is a community property state, which means marital assets will typically divided 50-50 in a divorce. If it is suspected that the other party is hiding money or assets, approach the situation carefully. Hiding financial matters amid divorce is illegal, so consulting with a legal representative can be the best move in this type of situation. An experienced lawyer can help protect personal interests and advocate for the client to help achieve the fairest resolution possible under the law.
