Could your spouse be hiding marital assets?

On Behalf of | Mar 24, 2023 | Firm News |

Divorce on any ground is a stressful process. If you and your spouse decide to call it quits, there are many things you will need to discuss and agree upon. One of these is how you will split marital property.

Basically, marital property refers to any assets and debts acquired during the marriage. These can be the marital home, furniture, family business, credit card debts or cash in joint bank accounts. 

High-asset divorce and marital assets

While filing divorce papers, both parties are required to disclose what they own and owe for purposes of distribution per North Carolina equitable distribution laws. If either party hides assets, then figuring out what is equitable can be problematic. Consequently, you may not walk out of the marriage with what you deserve.  Fortunately, here are a few questions that can help you determine if your spouse is trying to hide marital assets:

Are they withdrawing funs or spending without your knowledge?

If your spouse is withdrawing large sums from a joint account or the family business account without your knowledge or consent, you need to ask questions. They are most likely stashing cash away for personal use after the divorce. Likewise, if your spouse is using a joint credit or card for large purchases, then you need to figure out what they are up to. 

Are they uncharacteristically generous?

The game plan here is that your spouse claims they are helping a friend or a family member take care of some debt when in the real sense the friend or family member in question is just holding on to the cash. Once the divorce is finalised, that loan suddenly vanishes and all the money comes back to them. 

Safeguarding your interests

A high-asset divorce, even without taking into account unfair practices like hiding marital assets, can be difficult. Fortunately, knowing how North Carolina divorce laws work can help you safeguard your rights and interests before, during and after the divorce process.

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