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In a high net worth divorce your spouse could be hiding assets

When the topic of divorced finally lands on the table, many New York couples are relieved and ready to get out of the relationship. Despite this, divorces often get very messy very quickly, even when both parties are eager for the split. When high value assets are at stake, the situation can go from bad to worse in the blink of an eye. Some spouses even go so far as to try hiding a portion of marital property.

As unscrupulous as this behavior sounds, divorcing people need to be aware that it does indeed happen. If you already suspect this behavior but do not know how to confirm, one step you can take is learning the ways in which people try to hide their assets during divorce. This could help you identify behaviors that can confirm your suspicions. An article published on the Daily Finance website explains some of the ways a spouse may attempt to hide assets.

-- Moving funds to a separate account: Look for unexplained withdrawals in any accounts you share with your spouse.

-- Taking cash from accounts via debit cards: It is as simple as asking for cash back after a purchase. Keep an eye on your bank statements to spot discrepancies.

-- Transferring assets to another party: This is a common tactic among the affluent. Again, look for discrepancies on bank or investment statements and do not hesitate to dig further.

Hiding assets during divorce is not legal, but worse, it is a terrible thing to do to someone once cherished. If you suspect your spouse is hiding assets but need help to confirm, consulting with an attorney serving the Manhattan area is a good idea. You can also reach out to our law firm for personalized assistance with your high asset divorce.

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