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Is your spouse hiding assets?

When Alabama couples get divorced, there is a lot on your plate. The more things you have to deal with, the more complicated matters seem. Unfortunately, some spouses may use this to their advantage. This is why high asset divorces see a bigger rate of asset hiding.

What is asset hiding? It is when one spouse attempts to lie about their finances. In doing so, they do not have to give as much to their spouse during a divorce. Though this is illegal, that does not stop everyone. Do you suspect your spouse is trying to do this?

Why is hiding assets in divorce an act of perjury?

Business Insider discusses the possibility of financial infidelity. This includes any example of lying about finances to trick a spouse. Outside of divorce, this is still a big trust issue. But if this happens during a divorce, it is an act of perjury. This is because you sign a financial affidavit at the start of divorce. This says you will not lie about your assets under penalty of law.

But this does not stop everyone. What are some signs that a spouse is hiding assets? First, they may act in a suspicious or furtive way about finances. They may refuse to give you receipts. They may not allow you to review their taxes or other financial documents. They may try to get out of handing you this information unless forced to by court order. Even then, they may try to finagle their way around it.

Story inconsistencies and common tactics of asset hiding

You may also notice inconsistencies in the financial documents you get your hands on. This can include a difference in lifestyle or income compared to taxes. You may notice a spouse lying about money they have. A common tactic is to claim cash as someone else’s. The spouse says they are “holding onto it” for a friend or family member. In other cases, a family member or friend may hold onto cash for the spouse instead. They claim the spouse is paying them back. In reality, they intend to return the money after the divorce.

You may want to report signs of asset hiding or do more digging. This illegal activity should not progress.

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