Financial infidelity: Uncovering hidden assets during divorce

When a couple divorces, it is not unusual for one spouse to try to conceal assets so that they are not subject to marital property division. The National Endowment for Financial Education revealed that two out of three marriages are rife with financial infidelity of this nature. According to CNN Money, over seven million Americans have a credit card or bank account that their spouse does not know about. One out of every five people surveyed admitted to having concealed a purchase of over $500 from his or her spouse.

Common tricks include:

• Hiding money and high-value items in safe deposit boxes
• Secret investment or stock accounts
• Transferring money to offshore accounts
• Transferring money and assets to a friend or family member

Some spouses try to protect their pension or retirement account by saying they don’t have one when the truth is otherwise. They also hold secret properties or real estate investments. One of the most common deceptions takes place when the cheating spouse owns a closely-held business. He or she will alter business records to make it look as if the company is operating at a loss when in reality it is doing quite well.

Discovering financial infidelity

Thanks to modern technology, records of such activities are digital and easily retrieved.  Gone are the days of forensic accountants flipping through page after page of bank records, tax return, business ledgers and other financial statements: now specially designed software can analyze documents and detect anomalies in seconds.

Even a simple search of a web browser history can alert one spouse that the other is attempting to hide money. Frequent visits to the the website of an unfamiliar bank or investment broker is a red flag. So is finding statements for a credit card you have never seen before or discovering that you have been secretly removed from a joint credit card. Things are being purchased that your spouse doesn’t want you to know about. If you suspect that your spouse may be buying property on his or her own, there are many free public records websites that can alert you to the truth.

If you are in the process of getting divorced in New York and suspect that your spouse is concealing money and / or property from you, it’s critical that you hire a divorce attorney with experience in uncovering hidden assets. He or she will have access to forensic accountants, tax preparers, financial experts, private investigators, and other professionals who can help source and local marital assets that have been hidden from you. Using cutting-edge strategies and an intuition honed by years of experience, your attorney will help you get what you deserve.