Divorce brings about a multitude of emotions, such as anger, grief and worry. Additional feelings may include signs of distrust and a desire to beat your future ex-spouse in a divorce. Making sure they show all their assets helps ensure you’re treated equitably when it comes to splitting marital property.
Rhode Island courts need to know all the assets both you and your spouse possess before they can determine how to divide them fairly in your divorce, but not necessarily equally. Hiding assets and committing financial fraud are dirty tricks – but that doesn’t mean your spouse won’t try them.
Hidden assets – what are the signs?
Sometimes suspicious feelings towards your spouse’s financial actions prove valid. Signs that a spouse is hiding assets include:
- Loaning money to family and friends without your consent;
- Frequently withdrawing money from the bank; and
- Creating fake debt.
If your spouse hides assets, it negatively affects you and what you get in a divorce. Rhode Island courts won’t consider those hidden properties as marital property, which is subject to division. Forbes outlines a few common spots to look for hidden assets and notes the importance of reviewing past tax returns.
What is dissipation?
A type of financial fraud specific to divorce is dissipation, which is wasting money that belongs to both you and your spouse. Examples of this are your soon-to-be ex-spouse spending money exorbitantly, whether on extramarital relationships or hobbies, gambling or destroying marital property.
If you’re in the middle of a highly-contested divorce with a lot of assets involved, proving your spouse has committed financial fraud or hidden assets may be difficult. Divorce becomes increasingly complex when the more assets involved, so it could benefit you to consult a legal professional on the matter.
