For any reader who is a fan of divorce or family dramas, especially soap operas, you are likely familiar with spouses hiding assets. However, what you may not realize is that it is a surprisingly common problem for many couples, like you. Indeed, it impacts about 30% of couples throughout the United States, and it leads to as many as 10% of them to divorce. But, how do you know if your Marion County spouse is hiding assets?
The first sign is secrecy
The first sign that your spouse may be hiding assets is that they are actively hiding your marriage finances from you. In many relationships, one spouse handles the finances. This, by itself, is not a red flag. However, it is how they go about this that can become a red flag. Do they disappear to another room to do the “bills?” Do they physically keep this information away from you? Do they seem to clam up when you try to speak with you about it or get defensive when you try to talk about buying big-ticket items? These can all be red flags of hiding assets or debts.
How to confirm
Bring up the finances with your spouse and ask to see them. Ask to see account balances and to understand the current state of the Hendricks County marital estate, including life insurance policies, investment accounts, etc. If they refuse, this red flag is confirmed.
What can I do about it?
This depends on your financial literacy and your access to information. If you know where your spouse keeps your Hamilton County financial records and you feel comfortable understanding them, get a step ladder, grab them and then, see where the marital estate stands. If not, you may need to bring the documents with you to your Indianapolis, Indiana, CPA, financial accountant, divorce attorney, etc.
You may also need to be sneakier as well because “hidden” accounts may not be in these locations. You will need to check the mail periodically to look for account statements from banks and financial institutions. If you normally do not check the mail, it is unlikely they have fully electronic statements. However, if they do, you may need to check email accounts as well. Again, you may need to enlist the help of an Indianapolis metro area professional.