Concealing assets is a significant way that spouses can commit economic fault during a divorce in Alabama. When a divorce occurs in the state of Alabama, couples are required to provide each other with complete disclosures of economic status. Full disclosure is intended to make sure that each spouse is aware any legal rights concerning assets or debts attached to the marriage. Finances are often seen as a cornerstone of any divorce and a deciding factor in many issues attached to divorce including child support, property division, and spousal support. In situations where concealing assets might be a possibility in a divorce, individuals benefit from consulting with an experienced Birmingham divorce attorney who knows how to determine whether such activity occurred.
The Definition Of Assets
The term “assets” is particularly expansive and includes business, property, or anything of significant monetary value. Assets do not always have to be direct income sources and can instead include sources like stocks, bonds, and various other ownership interests.
Signs That A Spouse Is Concealing Assets
Fortunately, there are several signs that can suggest that a spouse might be hiding marital assets during a divorce. Some of the signs that individuals should be watchful for include:
- Gifting. Gifting in an excessive or unexpected manner can be signs that a spouse is trying to dispose of assets prior to a divorce. In some situations, a spouse might not really be making gifts at all but rather transferring assets to a family member who will transfer the assets back once the divorce has finalized.
- Reduced Income. Spouses that report drastically reduced income often to do in a manner to conceal assets.
- Overpaid Taxes. Some individuals try to overpay taxes to the government knowing that the government will repay these amounts at a later date.
- Pressure To Sign Financial Documents. Spouses who aggressively try to pressure individuals to sign financial paperwork without first reading the documents are likely to be concealing assets.
- Unusual Withdrawals. If a spouse begins to withdraw money from bank accounts in a way that does not comply with a spouse's usual behavior, a spouse might be concealing assets. Former spouses have been known to make unusual withdrawals in order to purchase valuable material goods that can later be liquidated.
- Using One's Business To Conceal Assets. When spouses run their own business, there are many ways in which to conceal assets. Individuals must pay attention to any unexpected increases in operating costs or former spouses who block off access to financial documents. In other situations, former spouses might even try to pay fictional employees or friends who did not provide a service in order to conceal assets.
How A Top Birmingham Divorce Attorney Can Help
An investigation is often essential to determine whether a former spouse has concealed assets. Rather than investigate alone and potentially miss significant assets, it is often in the best interest of individuals to consult with an experienced Birmingham divorce attorney who knows how to thoroughly investigate assets. Contact a talented Birmingham divorce attorney at Eversole Law LLC who has the experience and knowledge to help determine whether a former spouse has concealed assets.