The Centers for Disease Control and Prevention reported Georgia had a divorce rate of 2.2 per 1,000 in 2021. This is a low figure compared to other states. Still, couples who are going through the end of their marriages in the state have to prepare for the many challenges that can come up.
Property division is an important part of the process, but when financial secrets start creeping in, it can lead to issues. While it is essential to maintain open communication, there are instances where one partner may attempt to hide assets. It is important to know telltale signs that your spouse might be concealing assets.
Unexplained financial behavior
One of the first signs to watch out for is unexplained financial behavior. If your spouse suddenly becomes secretive about their financial activities or starts making significant financial decisions without your knowledge, it could be a red flag. This might include opening new bank accounts, making large cash withdrawals or transferring assets without a valid explanation.
Changes in spending habits
Keep an eye on any noticeable shifts in your spouse’s spending habits. If he or she starts spending excessively on non-essential items or making extravagant purchases that seem out of character, it could be an attempt to divert money away from shared assets.
Secrecy about income
When one partner begins to withhold information about their income, it can be a sign of asset concealment. They may underreport their earnings, claim lower bonuses or neglect to mention additional income sources, such as rental properties or investments.
Control over financial documents
If your spouse suddenly takes exclusive control of financial documents, such as bank statements, tax returns and investment portfolios, it can be a sign that he or she is hiding assets. This control makes it easier to manipulate or withhold crucial information.
Transfers of assets
Watch for any unusual transfers of assets between accounts or individuals. This could involve transferring property titles, vehicles or other valuable items to family members or friends. Such transfers may be attempts to shield these assets from potential division in case of separation.
Complex financial arrangements
Complex financial arrangements or offshore accounts can be a sign of asset concealment. If your spouse has intricate financial dealings that are difficult to understand or involve international entities, it may be an attempt to hide assets from scrutiny.
Inconsistencies in the financial information your spouse provides can be a clear indication of deceit, and you want to ensure you are seeing the full picture of the finances as you navigate the divorce. If you notice any of these signs, consider having an open and honest conversation with your spouse about your concerns.