Georgia residents who have heard people talk about spouses that hide assets just before or even during a divorce might wonder what this really looks like. Do you think you would know if your husband or wife was doing this? Why would they do such a thing?
Forbes explains that the attempt to hide or undervalue assets is generally done so as to prevent losing assets during a divorce. Imagine your marital estate would eventually be split evenly if you got divorced. The lower the value of the estate, the less you would get. Similarly, the higher the level of debt your marital estate owed, the less you would ultimately receive. For this reason, some spouses actually try to show higher amounts of debt as well as reduced assets.
Some of the telltale signs of a spouse hiding assets include behaviors such as uncharacteristic purchases of objects that might easily be sold later on. If you and your spouse typically discuss financial matters but all of a suddent your spouse is no longer willing to have such conversations, you might want to pay attention. Does your partner get defensive when you ask about certain transactions? Has financial data suddenly disappeared or been lost in a computer crash? Has your spouse’s business suffered a big loss lately?
This information is not intended to provide legal advice but is instead meant to give Georgia residents an overview of some clues to a spouse who might be hiding assets in preparation for a divorce.