Pennsylvania residents may be familiar with the gender stereotype of a greedy husband hiding away money to prevent his soon-to-be ex-wife from getting her hands on any of it. This outdated assumption is inaccurate and can be potentially disastrous for husbands going through the divorce process who are interested in a fair divorce settlement.
Hiding marital assets from a spouse is illegal, but it is also a reality. It is common for both men and women to do this if they have the means and motivation. Both men and women who are in rocky marriages where divorce is looming should be aware of these red flags that may indicate that one party is hiding assets.
If one spouse has a sudden interest in antiques or art, this could indicate that he or she is trying to hide money. One tactic that some have used is purchasing expensive antiques or art, claiming that they were picked up for a cheap price at a yard sale or thrift store, holding on to those items during the divorce and then selling them later.
Another red flag to watch out for is a spouse who makes a huge withdrawal from an account in order to pay old IRS debt or a credit card. The tactic they could use is overpaying a creditor and then getting a refund later. It is good for individuals who feel that divorce is on the horizon to be aware of savings accounts, checking accounts, IRAs, investments and all of their finances with goal of keeping track of the money. They should investigate all account activities, no matter how big or small, in order to make sure they know where their money is going.
Men and women who are interested in getting a fair settlement after divorce may wish to speak with a family law attorney. The attorney may be able to provide advice on asset valuation, joint assets and debt, and other things related to finances during the divorce process. They may even be able to represent their client in court if it is necessary.