Divorce is an emotional process, but it is a financial process as well. In fact, the core of most divorce proceedings revolves around the division of assets.
It is not uncommon for one spouse to conceal assets from the other during a divorce. According to the Women’s Institute for Financial Education, make sure to check for “delayed” bonuses and unreported income, custodial bank accounts and fake payments.
Bonuses and income
Make sure to monitor the financial state of your spouse’s work life. If you discover that your spouse is delaying a raise, a bonus or stock options, this is a form of withholding assets.
Additionally, in the event that your spouse works for any kind of cash-based enterprise, it is possible for him or her to pocket the cash and not report it to the divorce attorneys. If you have suspected in the past that your quality of life typically outstripped the amount of money you saw in bank accounts, this is likely.
Custodial bank accounts and fake payments
If you have children, it is possible that your spouse may try to open up a bank account using your child’s social security number in order to funnel funds into it. You may want to set up a credit check on your children to see if anybody has opened accounts in their names.
It is also possible for your spouse to collude with another person in order to give the spouse an ability to pay for fake products or services. This can help funnel money out of private accounts or businesses. Make sure that you are carefully reviewing any business or personal transactions of your spouse during this time.
