Tell-Tale Signs to Suggest Your Spouse is Hiding Assets
Tell-Tale Signs to Suggest Your Spouse is Hiding Assets
We all want our separation to go smoothly but one of the main reasons matters become fraught and challenging is if it becomes clear that one party is hiding assets. Amanda Melton, Head of the Family Law Practice at IBB Solicitors gives a heads-up on the tell-tale signs:
Time to Reflect
Beware if your partner suddenly announces that he or she wants a divorce immediately and then a few weeks later seems to lose interest in the proceedings.
This could mean that he or she has taken legal advice and realises the true consequences of divorce and the extent of your entitlement. If they do not like what they hear at this point, they might look to buy some time to “organise their affairs”. This is often portrayed to the spouse as being “time to reflect”. Meanwhile the asset base could be depleted, and income reduced.
Decrease in Post
Another obvious sign is a spouse suddenly diverting their personal post to the office address or to other relatives outside the marital home. Watch out if their post is significantly less than normal or stops completely.
Transfers of property to children
Sudden decisions to make transfers of property to your children should also be a warning sign. If transfers have been made to family members during the marriage it will be difficult (albeit not impossible) to draw those assets back in. Meanwhile your spouse may have some arrangement with their children for the property to be transferred back to them once the proceedings are over. Whilst it is difficult to see children being involved if they are both your children, beware where there are children from a previous marriage. Those children are unlikely to bear the same loyalty towards you.
Let’s try again
If your spouse has sought advice from a lawyer, they will have been informed that disclosure of financial information is crucial in the divorce process – including 12 months of bank statements.
To divert funds, your spouse will need to delay the disclosure process for at least 12 months. This makes it more difficult to trace the transactions which will show the diverted monies. A sudden “let’s try again” without a great deal of effort on their part may well be buying them a 12-month period of grace.
Online account changes
If you have access to each other’s emails and online accounts but this is suddenly changed so that new passwords are set, and you are denied access to his or her accounts for no explicable reason, then the true reasons could be that they are having an affair or hiding assets and planning to end your marriage. Perhaps even both.
Changing business arrangements and your access to information
Beware if you have assisted your spouse regarding administration of their business and he/she suddenly decides to change this arrangement. Having access daily to business affairs and to details of their income – perhaps doing their tax returns or dealing with their management accounts – is the best way to ensure you know about their financial affairs It will be difficult for your spouse to re arrange the way in which they are paid without your knowledge. The only option will be to change the arrangement and make sure you do not come to the office or have access to business accounts.
It is easy to say, “my husband or wife would never do that”. Evidence suggests that this happens more often than you might like to think. It does not mean that your spouse is guilty of the above, but it does no harm to be aware of these tell -tale signs and take off the rose-tinted spectacles!
Contact our divorce and family law experts today
If you would like to discuss any aspect of divorce and family law, or want to draw up a pre or post-nuptial agreement or cohabitation agreement, call our mediation, divorce and family dispute resolution solicitors in absolute confidence on 03456 381381. Alternatively, email us at familylaw@ibblaw.co.uk.
