In a divorce, each spouse is required to submit a complete disclosure of all their valuables and financial assets. Unfortunately, some people try to conceal belongings from their spouse, so they do not get distributed in the divorce. Below are a few signs of asset concealment you should bring to the attention of your divorce attorney.

Common Signs of Asset Concealment

Most people who engage in asset concealment become secretive about their finances before a divorce. For instance, they might refuse to share online banking passwords or refuse to discuss their income.

Your spouse might suddenly take on a lot of unexplained debt or start having their bank statements sent elsewhere. You might also find paperwork indicating they have opened a new bank account without telling you.

How Assets Are Concealed

A divorcing spouse may try to simply move money into a bank account solely in their name. However, those accounts will typically show up on a credit report, so this tactic usually is not successful.

They might also temporarily “gift” belongings or money to a trusted friend or family member, with the understanding that they will get it back later. Business owners may also stop transferring money to their personal accounts or wait until after the divorce to finalize lucrative deals.

Cash resources can also be concealed by purchasing small, valuable items that are often overlooked, like a collectible, antique, or piece of art. To make these items more difficult to track, your spouse may keep them in a safety deposit box or a family member’s house until after the divorce.

The Penalties for Asset Concealment

In Wisconsin, the failure to disclose all assets over $500 in value during a divorce qualifies as perjury, potentially punishable by fines and jail time. Your divorce attorney may also ask the court to transfer those belongings to you in their entirety, even after the marriage has been dissolved. If you have clear evidence that your spouse willfully tried to conceal valuable assets, the court will likely grant your request.

For over 35 years, the divorce attorneys at LaRowe Gerlach Taggart LLP have been fighting for the rights of clients throughout Adams, Columbia, Dane, Juneau, Richland, and Sauk counties. If you’re going through a divorce, you can rely on their team to ensure you receive everything you’re entitled to. Visit their website for more on their family law services or call (608) 524-8231 to speak with a divorce attorney today.