People assume married couples share everything, including finances. However, plenty of people keep secrets from their partners. Ideally, these secrets would not damage the relationship.
Yet financial dishonesty and secrets can create a host of problems during a divorce, primarily when it comes to dividing assets and liabilities. As such, it is imperative that you determine if your spouse could be hiding property.
Hidden assets and equitable division
Too many people realize too late that their partner is hiding money or property. Keep in mind some surveys estimate roughly 44 percent of people commit financial infidelity in their relationship. In other words, it is not uncommon for someone to be hiding something from their spouse.
People often conceal income, property or other financial information to tip the balance in their favor during a divorce. They could fear losing everything, or they simply may not want their ex to get more than what they feel is fair.
Georgia is an equitable division state, which means each person receives an equitable (fair) portion of the marital estate. This may or may not mean equal; several factors will affect who gets what in a divorce.
However, concealing assets during a divorce is unlawful. And it can ultimately backfire if the courts discover such attempts and decide to award a larger share of marital assets to the other party.
Uncovering hidden assets
If you have concerns that your soon-to-be ex-spouse is hiding money or assets, you must protect yourself. Collect as much financial data as you can, including tax returns and pay stubs, to build as comprehensive of a financial inventory as possible.
If you suspect your spouse has taken steps to hide assets from you, you can work with an attorney to determine how and if it will affect your settlement. Every person deserves a fair settlement in a divorce, and if yours is in jeopardy, you have the right to take appropriate action.
