Divorce may be traumatic and emotional even in the best of situations. When you have spent your life supporting your husband and raising your kids, you may find it difficult to re-enter the workforce or find your own identity. This means that you must be protected as much as possible during the divorce to ensure that you have the financial means for the future. If you fear your spouse may be trying to deceive you and hiding assets he does not want to share, watch for these signs.
1. Watch credit card payments closely
If you have a joint credit card that only has a balance of several hundred dollars, but your spouse recently made a payment of several thousand, he has essentially created a buffer to spend. Watch credit card payments closely and make sure they match your statements.
2. Be wary of new accounts
If you notice credit card or bank statements that come to your home just in your spouse’s name, he may be moving assets to accounts you have no access to. Keep a list of your accounts and watch for any that have a different four-digit number at the end.
3. Determine if your spouse is underreporting an income
If your spouse gets paid in cash, he may be underreporting his income to deflate what he makes. This may make a difference when it comes time to figure alimony or child support. Any time your spouse underreports what he makes to the IRS, take note.
4. Be suspicious of withdrawals
Watch your joint accounts for large withdrawals you cannot place. If your spouse is taking out big sums of money for things you are unaware of, it could mean he is hiding assets to affect the divorce settlement.
If you are headed for divorce and are concerned about your ability to provide for yourself and your children once your husband is gone, keep track of any suspicious behavior regarding your finances and speak to an attorney immediately.