When a couple divorces in Oklahoma, the court will divide the marital assets fairly and equitably. In order to do so, all the couple’s property needs to be accounted for.
Therefore, a fair and equitable division isn’t possible if one spouse hides assets.
What are some signs to look for?
There could be several reasons why a spouse might choose to hide assets. They may want to avoid splitting assets during a divorce or reduce the amount they must pay in child support or alimony. Whatever the reason, hiding assets is unethical and often illegal.
Here are some indications that your spouse is trying to hide assets:
- They are reluctant to share financial information with you. Some examples may be changing the passwords for online accounts, having statements go to a work address or setting up a separate account.
- Their lifestyle doesn’t align with their reported income.
- They start loaning money to friends and family.
- Assets are being transferred to trusts or shell companies.
If you believe your spouse is trying to conceal assets during your divorce, here are some steps you can take:
1. Gather as much information as possible, including bank statements, tax returns, pay stubs, property records, etc.
2. Have an open discussion with your spouse. There may be some cases where discrepancies were unintentional. Consider hiring a forensic accountant. They specialize in tracing hidden funds and assessing the value of assets.
Dealing with a spouse who may be hiding assets can be challenging and emotionally draining. It’s vital that you work with someone who can guide you on how to address the issue and ensure you receive a fair and equitable share of the marital property.