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3 common signs that your spouse is hiding assets in your divorce

The months leading up to the decision to file for a divorce can be one of the most traumatic times in a person’s life. Weighing the costs and benefits of ending a marriage can be extremely stressful, and leave you no closer to knowing which way you want to go.

Most divorces do not come out of nowhere. You and your spouse probably know you are having problems. If you are thinking about moving on, your partner probably is as well. This is an important time, and you need to make the most of it so that you are prepared for what is about to happen to you.

If you and your spouse have accumulated significant assets during your marriage, the division of your marital property may become a highly contested matter. Understanding what you can do to protect yourself is essential to receiving a fair property settlement, and preventing your spouse from hiding property that should be subject to division.

Giving money/property to friends

This is one of the most common ways that a spouse can try to conceal assets. They make a large “loan” to a friend, or transfer a home or cabin to a relative. This property may not be included in the final discussions regarding property division, but once the divorce is over, the items are returned to your ex-spouse.

Underreporting self-employment income

This happens frequently when couples who own a small business go through a divorce. Your spouse may claim that the amount of money that he or she is earning for performing work is less than actually received. They can attempt to hide profits that would otherwise be subject to division. It may even be necessary to work with forensic accountants in order to determine exactly what sort of funds should be listed, as well as the value of the business.

Spending large sums of money before the divorce

You and your spouse may have joint savings accounts or credit cards. If these accounts are left open while the divorce is pending, it is possible that your soon-to-be-ex may run up large bills on extravagant purchases. What’s worse, you could be stuck footing the bill for these expenses if the purchases were made on joint credit cards. This could have a severe impact upon you financially long after the divorce is final.

If you feel that divorce might be likely in your situation, you should contact an experienced attorney as soon as possible to discuss your options. You attorney can provide you with practical advice that helps you obtain a fair and equitable division of your marital property.

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Commandments of Family Law

  1. The only truth your children need to know is that you both love them unconditionally, and that this isn't their fault.
  2. Take the high road — everyone wins when you do what's best for your kids.
  3. Negotiate but don't capitulate — if you are being pushed toward something detrimental for your children, stand your ground.
  4. You can only control yourself and how you respond. Don't engage.
  5. Do set up rules and responsibilities. Kids feel better when routine is continued.
  6. You are still their parent — don't be afraid to be one.
  7. Disneyland is in California, not in your home. Don't set up unreasonable expectations.
  8. It is not their job to take care of you. Repeat that to them. Often.
  9. Yelling is for sports — not court. Good lawyers strongly advocate without being disrespectful to opposing parties.
  10. Fair is a place you go to get cheese curds. Aside from that, nothing in life is fair.

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