There are a number of potentially contentious issues that need to be settled during a divorce. In Pennsylvania, marital assets are divided equitably between spouses. This means that the court will consider a number of factors, including the financial situation of each spouse.
To do this, the family court needs an accurate picture of each spouse’s financial situation. For instance, they need to know about the earnings of each individual as well as savings, assets and debts.
In some cases, one spouse may attempt to hide assets to devalue the divorce settlement of the other spouse. What are some of the more common signs that a spouse is attempting to hide assets?
Financial secrecy
During the marriage, you and your spouse were always open about income and spending habits. Recently, however, your spouse has started to hide transactions from you. In fact, you’ve been locked out of your joint accounts. It’s possible that your spouse may have locked you out so that they can transfer funds to another separate account.
When assets go missing
Another sign that your spouse may be trying to hide valuable assets from the family court is when they go missing. For instance, you may have a joint collection of artworks that is now down a few items. Sometimes, spouses give valuable items to friends and family members on the condition that they will return them once the divorce has concluded.
It’s only fair that you receive an equitable divorce settlement. For this to be achieved, assets should not be hidden. If you suspect assets have been hidden, it’s imperative that you seek further legal guidance.