How to Know if Your Spouse is Hiding Money & Assets During a Divorce in New York

 

Be Prepared for a Divorce in New York

A 2011 study conducted by National Endowment for Financial Education (NEFE), found that 31% of people who combined finances with their significant other have been deceptive with their spouse/partner about money.

Furthermore, out of the spouses that were deceptive about money, the study found that:

• 58% say they hid cash from their partner/spouse.
• 54% hid a minor purchase from their partner/spouse.
• 34% say they lied about finances, debt, money earned.

If the trust in a relationship is already compromised, it raises the risk of deceptive practices involving money and assets. If your intuition tells you that your spouse may be hiding money or assets from you, here are some tips to help you play detective:

1. Make sure you review the joint tax return:when doing so, it is important to make sure that you are viewing the entire tax return and not just part of it.In some instances, it is not uncommon for a spouse to share a “fake” version of the tax return with their spouse.In this case, you can request a copy of the original tax return that was submitted to the IRS office.
2. Review complete statements for financial accounts: again, it is imperative to review all pages of financial accounts and not just a summary page.
3. Find out if any business or personal loans were obtained in the past few years: your spouse would have had to submit personal financial statements to the lender.The financial statements can disclose assets, debts, income, and expenses.
4. Review business transactions and activity: keep tabs on the income/expense payments in correlation with bank statements
5. Check internet browsing history: look for PayPal accounts or banks and/or financial institutions that you are not aware of.
6. Money is not always “hidden” under the mattress but there are many other hiding places in a home.Know to look behind that fine art painting or vents.

Getting a Divorce in New York?

Contact a New York divorce mediation attorney if you suspect that your spouse may be hiding assets or money from you. 

Consulting an experienced attorney can make the difference in the outcome of your divorce and financial well-being. Contact Sabra Law Group today for a confidential consultation at (646) 472-7971.