Is your spouse trying to hide assets?

When you and your spouse decide to get divorced, part of this process involves splitting up your assets. The Connecticut Judicial Branch states that Connecticut is an equitable distribution property state, so the court will divide your marital property in a way deemed fair based on your circumstances.

If your spouse does not want to split certain assets with you, he or she may try to hide them before divorce proceedings begin. You should be vigilant before and during your divorce to determine if your spouse is trying to conceal assets that fall under the marital property category.

Common hidden assets

Some of the types of property your spouse may hide can include:

• Insurance policies
• Annuities
• Stocks and bonds
• Cash
• Mutual funds

Your spouse may also try to hide more tangible assets, like vehicles, real estate, jewelry or art, before the property division process begins. However, it is much easier to cover up financial accounts than physical items.

Signs your spouse is hiding marital property

Your spouse may hide certain assets by transferring ownership of items over to close friends or family members or letting a corporate entity take ownership of financial accounts. Your spouse may also delay solidifying business contracts with clients until you finalize your divorce or falsify tax information to lower the value of a business.

Beyond these actions, your spouse may exhibit behavioral changes if he or she is trying to hide assets during your divorce. For example, he or she may panic if you try to check financial accounts you both share or suddenly become unusually controlling about spending.

You may not initially believe that your spouse would try and deceive you from winning your share of marital property during your divorce. Knowing the signs that your spouse is hiding assets can help you protect your interests and understand whether your spouse is concealing financial information without your knowledge.