In some divorces, particularly where there are significant marital assets, spouses sometimes resort to hiding assets in order to avoid losing all or a portion of them during their divorces. Although it is certainly devious of a spouse to try and hid assets during divorce proceedings, it is much more common than you might expect. As a result, you should be aware of certain signs that may indicate that your spouse is hiding assets, perhaps in preparation for divorce proceedings.
First, you should suspect that your spouse is hiding assets if he or she removes your name from joint bank accounts, or you suddenly no longer have access to accounts as you did before. Mail from unfamiliar banks and credit card companies may also indicate that your spouse has opened up new accounts. Consistent automatic deductions on your bank statements also may be a sign that your spouse is slowly draining your bank accounts into new accounts that are solely in his or her name. Also look for any post office boxes that your spouse may have opened, bill and account statements that suddenly are being send to your spouse’s office rather than your home, and part of your spouse’s paycheck being deposited into a different account that is unknown to you.
Next, you might become suspicious of hidden assets if your spouse is suddenly giving large sums of money to friends, co-workers, or family members, either to “repay” them for loans or to “loan” them money for a particular need. The understanding may be that your spouse’s friends or family members will keep the money for your spouse until divorce proceedings are over. Your spouse also may be spending down cash on hand by purchasing expensive assets, such as artwork, cars, and boats. These items of property may be less in value than the cash used to purchase them, which takes away from existing marital assets.
The Los Angeles divorce lawyers at the Law Offices of Vincent W. Davis & Associates are eager to listen to your concerns and answer your questions about all issues related to your divorce under California law, including any issues related to hidden assets and property division. We have represented countless clients involved in divorce proceedings, and we are here to give you the legal advice and guidance that you need. Call our offices at (888) 888-6582 and learn how we can help you with your California divorce or family law case.