The fair and equitable division of assets is a key component of every divorce, whether you’re pursuing an uncontested or traditional divorce. It requires that both parties are honest about their assets and disclose any potential joint property so the court can make a just decision. While many couples divulge everything, this isn’t always the case. Some spouses may attempt to hide assets in an attempt to keep more than they should. While your New Jersey divorce lawyer can help you navigate this situation, you’ll still need to know when it’s time to ask for help. Here are a few warning signs to watch for.
Their Spending Habits Have Changed
Think about the way your spouse is spending money. If they’ve been consistent or open with how they’re using their assets or you’ve agreed to certain major purchases with a joint account, you’re likely in the clear. But if their habits have changed dramatically and you’ve seen an increase in the accumulation of new items or loved ones are getting a lot more gifts than normal, they may be hiding assets or otherwise trying to diminish the assets they have.
They Change Mailing Addresses for Financial Accounts
If you and your spouse are still living together while pursuing a divorce, you’ll likely see mail from the bank and other financial institutions while you’re both living there. But if your spouse changes their mailing address on certain accounts, they may be trying to hide assets from you and the court. If you don’t know about an account, it can be tough to make the courts aware of those hidden assets.
They’ve Misplaced Financial Records
Financial records are essential when it comes to dividing assets fairly. It shows what assets each spouse has and enables the court to divide things appropriately. If you and your spouse are able to furnish all necessary financial records, everything is likely ok. If your spouse suddenly can’t find certain records or reports that they’ve been destroyed, they may be trying to hide assets from you and the court. Notify your New Jersey divorce lawyer immediately if any financial records are damaged or missing.
Valuables Have Suddenly Gone Missing
The division of assets during a divorce doesn’t just include cash and real estate. It also includes valuables like artwork, jewelry, collectibles, and even instruments. Anything with a tangible value can be factored into the division of assets. If you know where those valuables are, your spouse is likely not trying to conceal anything. But if some valuables go missing or are suddenly misplaced, they may be trying to conceal those assets from the court.
Your New Jersey Divorce Lawyer Can Help
Dividing assets fairly is essential and having a clear understanding of your spouse’s finances during the divorce will help the court make an appropriate decision. If you’re ready to pursue divorce but aren’t sure if your spouse is being honest about their assets, don’t wait. Contact Carvajal Law Firm today to schedule a free consultation. Our team will work with you to help you get the divorce settlement you deserve.