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What if your Spouse is Hiding Money?

By March 29, 2023Divorce

If you suspect that your spouse is hiding money from you, it is important to address the issue and take appropriate steps to protect your financial well-being. Here are some steps you can take:

  1. Talk to your spouse: The first step is to communicate with your spouse about your concerns. Try to have an open and honest conversation about your finances and express your concerns. Ask them to explain any discrepancies in your financial records or any unexplained transactions.
  2. Gather evidence: If you still have concerns, you may need to gather evidence to support your suspicions. This can include reviewing bank statements, credit card bills, tax returns, and any other financial documents that may reveal discrepancies or inconsistencies.
  3. Consult with a financial professional: Consider consulting with a financial professional, such as a financial planner or accountant, who can help you review your financial records and provide guidance on how to uncover hidden assets.
  4. Consult with an experienced family law attorney: If you suspect that your spouse is hiding assets as part of a divorce or separation, you may need to consult with a legal professional, such as a divorce lawyer, who can provide guidance on how to protect your financial interests.
  5. Protect your finances: In the meantime, take steps to protect your finances. This can include opening a separate bank account, reviewing your credit reports for any unauthorized accounts, and changing your passwords to ensure your spouse does not have access to your financial accounts.

Bear in mind that in California, spouses and domestic partners have a fiduciary duty to each other on transparency concerning finances, business management, etc. If you elect to segregate funds for protection, it is your duty to reveal this action to your spouse and keep a record of your written notice to your spouse to prevent claims by your spouse that you were breaching your fiduciary duty.

It is important to remember that hiding assets from a spouse can have serious legal and financial consequences. It is important to address these issues as soon as possible to protect your financial well-being. The best way to do that is to consult with an experienced family law attorney who can give you the necessary guidance that you need.

Arlene D. Kock

Author Arlene D. Kock

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