When marriages come to a close, financial transparency becomes crucial for a fair division of assets. Your spouse might attempt to conceal assets through various methods that can impact your financial future.
Both spouses must provide complete financial disclosure during divorce because the state follows equitable distribution laws. Knowing the warning signs of hidden assets and how to protect yourself can make a difference in securing your fair share of marital property.
Keep your eyes open for these red flags
Financial behavior changes often signal the possibility of asset concealment. Watch for these common red flags that might indicate your spouse is attempting to hide marital property:
- Unusual cash withdrawals: Large or frequent withdrawals from joint accounts without a clear explanation could suggest they are moving funds elsewhere.
- New private accounts: New bank statements or mysterious financial documents might indicate attempts to hide accounts.
- Business income changes: Unexpected drops in business revenue or delayed customer payments could mean they are trying to manipulate income.
- Property transfers: Quick sales or transfers of assets to family members or friends might be attempts to shield assets from division.
If you notice these warning signs, you need to take immediate steps to protect your financial interests and ensure you get your fair share of marital assets.
Protecting your financial interests during divorce
You have several legal tools available to uncover hidden assets and protect your rights in Virginia. Speaking with a family law attorney early in the divorce process proves essential for utilizing these options effectively:
- Request copies of all financial documents and statements
- Consider hiring a forensic accountant
- Document unusual financial activities
- File court motions for financial discovery
- Seek professional valuation of business assets
A spouse who tries to hide assets during divorce proceedings could run into heavy consequences in Virginia courts. The judge might award you a larger portion of marital assets or require your spouse to pay your legal fees. Take action today to protect your financial future by gathering documentation and seeking professional guidance through this taxing process.