While preparing to dissolve a marriage can be stressful under any situation, there may be certain types of issues that might only act to further complicate the situation. Identifying and valuing marital wealth may be an essential component to preparing to protect your future, but this can be somewhat complex at times, especially with the presence of hidden assets.
Uncovering hidden assets can be essential to keeping such unlawful behavior from affecting the outcome of your divorce. Knowing some examples of red flags that might indicate your soon-to-be ex-spouse is trying to conceal wealth may be vital to taking steps to confront the matter and safeguard your future.
Common red flags
Studies indicate that those who attempt to conceal assets may exhibit various types of behaviors, and some examples of red flags to watch for in this regard may include:
- Secretive behaviors: Studies suggest that those who attempt to hide assets may be prone to exhibiting secretive financial behaviors or of trying to cut the other person out of major financial decisions.
- Hiding spots: Some examples of common hiding spots could include anything from secret bank accounts to safety deposit boxes. In some cases, those who exhibit such behaviors may also create false debts to conceal wealth.
- Investments and transfers: Those who engage in such behaviors may also try to conceal assets by pursuing investment opportunities or transferring ownership of items to family or friends.
- Changes in financial habits: Watching for signs of large purchases or of substantial withdrawals from joint accounts may also be integral to addressing such behaviors and mitigating hidden asset risks.
Those who seek to conceal assets may also attempt to hide important financial documents such as tax returns, and unearthing these documents may be vital to safeguarding your future interests.
Preparing for the divorce process
Taking steps to unearth hidden assets may only be one example of a vital step to take when preparing to go through the end of a marriage. With so much on the line, you might find it helpful to seek guidance on ways to protect against such issues and on every integral factor to consider while preparing for the process. Such a decision could help you better prepare to develop a strategy for divorce proceedings that focuses on what is most important to your Texas future.