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Is your spouse hiding assets?

On Behalf of | Jul 28, 2024 | Divorce |

Even the most straightforward divorce can be tricky to navigate. However, matters become more complex when there are lots of assets involved. In Indiana, marital property is divided equitably. This means that the court will assess property and the financial circumstances of each spouse and divide property as fairly as possible.

This process can only take place if all relevant assets are disclosed to the court. In some cases, however, one spouse may attempt to hide assets to avoid having to share them.  What are some signs that your spouse may be hiding assets?

Intentionally overpaying taxes

While it may seem counterintuitive to overpay the IRS, it does happen. This is frequently used as a way to hide assets in a divorce. The overpaying spouse puts money into a legitimate place in the hope that it will be refunded after the divorce, without the court noticing.

Increased secretiveness

Most married couples have some form of joint accounts. For example, there may be a joint fund for the kids or a joint savings account. Often, both spouses will have full access to these accounts. If you have been suddenly locked out of the accounts when it became clear that the divorce was going ahead, it could be a sign of hidden assets.

You have a right to see and access joint accounts. Once you become aware of being locked out, it’s important to act quickly to prevent assets from being squandered or hidden. To help ensure that your divorce remains fair and equitable in terms of asset division, it is beneficial to seek legal guidance.

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