When you marry someone, you agree to combine your families and households. The commingling of your lives isn’t just a personal decision. It’s also a legal matter. The state views your property, income and debts as shared or marital property. Typically, anything you purchase during your marriage and the paychecks you earn are marital property that you share with your spouse. Both of you should be honest with one another about your income levels, debts and assets.
Most people trust that their spouse will be honest with them about financial matters, but some people considering divorce have reason to suspect financial misconduct on the part of their spouse. Maybe you have noticed that the deposits going into your shared checking account from their employer don’t seem to align with how many hours they. Maybe there has been a dip in income for your family while your spouse retains the same job they have had for years.
How can you determine if your spouse has a hidden bank account that they haven’t disclosed to you?
A careful financial review is likely necessary
Unless your spouse admits to their financial misconduct, the chances are very good that you will need to find evidence of their hidden bank account without their assistance. If they have already invested the effort to create bank account arrangements that allow them to transfer marital income into that secret account, they are unlikely to admit that misconduct.
If your financial records are straightforward, you may be able to quickly track down evidence of misconduct. Otherwise, you may need to have your lawyer or even a forensic accountant go over household financial records. Those who are familiar with the ways in which people hide property will have an easier time looking for hidden assets than an individual already feeling stressed out about a pending divorce.
You can’t share property that you don’t claim
If your spouse attempted to hide property from you in the months leading up to your divorce, locating those assets will be an important part of securing a fair outcome during your divorce.
Identifying likely risk factors that will complicate your divorce proceedings can help you take the appropriate steps to protect yourself in a high-asset divorce.