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High net worth divorces, also known as high asset divorces, can be incredibly contentious. Both sides have a lot to lose, and spouses sometimes try to tilt the scales in their favor by hiding assets. Hidden assets in OKC high net worth divorces can be difficult to track down, but there are some red flags you can look for that will show you it’s time to hire a hidden assets lawyer to help.
Defining Hidden Assets
Hidden assets are any financial resources that one spouse keeps from the other during divorce proceedings. People typically hide assets to avoid having them divided fairly during the divorce proceedings. However, some people also hide assets as a means of control or emotional manipulation. Regardless of why your spouse may be hiding assets, common forms of concealed wealth include:
- Secret bank accounts
- Undisclosed investments
- Hidden valuables or real estate
- Deferred income or bonuses
- Underreported business revenue
- Digital assets or cryptocurrency
No matter why your spouse is hiding assets, the situation is unacceptable and against high net worth divorce laws in OKC.
How Common Is Financial Infidelity?
Unfortunately, financial infidelity in relationships is very common. One recent study showed that four out of ten Americans who are currently married or living with their partner have engaged in some form of financial infidelity at least once.
That’s already problematic enough for the 45.1% of OKC residents who are currently married, but it might be even worse news for the 12.9% who are divorced. It indicates a high likelihood that spouses will hide assets during divorce proceedings.
Red Flags to Look for
Now that you have an idea of what constitutes hiding assets and how common it might be, it’s time to discuss the red flags you should be looking for during your divorce proceedings in Oklahoma. They include:
- Secretiveness. If your spouse suddenly starts changing their passwords or opening new bank accounts without telling you, that’s a bad sign.
- Changing spending habits. In some cases, changes in spending habits can be as obvious as spur-of-the-moment vacations or lavish gifts. In others, they’re more subtle, such as going out to eat more often. Keep an eye out for any changes in spending habits, as they may indicate that your spouse is trying to spend their money before you find it.
- Friends holding assets. If your spouse is making sudden “gifts” to friends or family members, be wary. People who want to hide assets often have their friends help out.
- Sudden financial losses. If your spouse runs a business, claims of sudden financial losses should be considered suspect if those losses just happen to occur as you’re getting divorced.
- Paying down debts. If your spouse suddenly starts paying down debts, it’s worth looking into where they’re getting the money to do it. If they’re spending marital funds to pay down personal debts, that can also be considered a form of hiding assets.
- Offshore bank accounts. Offshore bank accounts and investments are a sign of many potentially illegal activities, including hiding assets before a divorce.
- Financial discrepancies. Check for discrepancies or unusual activity in shared accounts, such as large withdrawals or purchases, unexplained large deposits, or unexplained transfers.
How to Find Hidden Assets
You can work with a hidden assets lawyer and a forensic accountant to track down concealed wealth. While there are some tactics you can implement yourself, such as checking your spouse’s social media for signs of lavish spending, others must be implemented by your lawyer.
Your lawyer can use processes such as:
- Interrogatories. These requests for information must be answered truthfully within a specified timeframe. They can also be used to demand documentation from financial statements.
- Depositions. Depositions are a form of sworn testimony. Both parties are present and listen to what’s said. The information can then be used in court at a later date. Depositions are a good way to get spouses on record regarding their assets.
- Voluntary disclosures. Voluntary disclosures typically come at the beginning of the discovery process. Pay careful attention to the information they contain.
FAQs
What Assets Are Untouchable in a Divorce?
The assets that are untouchable in a divorce are known as separate property. Separate property is comprised of any money or other assets that you had before getting married, plus any inheritances or gifts intended only for you and not for your spouse. If you’ve earned income since your separation, that is also considered separate property and is not subject to division.
How Do You Discover Hidden Assets in a Divorce?
The most straightforward way to discover hidden assets in a divorce is to hire an Oklahoma City divorce attorney. These legal professionals are experienced in tracking down hidden bank accounts, real estate, and other property. They also have working relationships with forensic accountants who can trace paper trails and uncover hidden money.
What Is Considered a High Net Worth Divorce?
A high net worth divorce is one that involves substantial assets. There’s no set number that determines when a divorce becomes high net worth, but it often involves complex property divisions, including businesses, multiple properties, and extensive investments. These issues are notoriously difficult to resolve, so you should work with an experienced high net worth divorce attorney.
What Are Some Red Flags That a Spouse Is Hiding Assets?
Some red flags that a spouse is hiding assets include financial secrecy, such as hiding accounts and passwords, unexplained lifestyle changes, large cash withdrawals, and sudden loans to or from friends or family. Drops in business income and inflated expenses can also be signs that your spouse is trying to hide assets.
Hire a High Net Worth Divorce Lawyer
If you’re looking to hire a high net worth divorce lawyer to assist you with finding hidden assets in OKC high-net-worth divorces, you can trust Bundy Law to help. Our team comprises experienced Oklahoma City family law attorneys who have handled many high-profile divorce cases. We even have Oklahoma’s only International Academy of Family Lawyers-certified attorney on our team. Contact us to find out how we can help with your divorce today.