When all reconciliation efforts fail and a marriage is bound for divorce, spouses have a number of issues that they are compelled to address. One of these is property division. In Iowa, this is accomplished per the state’s equitable distribution law in instances wherein spouses cannot reach mutually-agreeable property division terms without judicial intervention.
For property division to be fair, both parties are required to disclose what they own and owe. Unfortunately, it is not uncommon for some people to fail to make full disclosure of their assets. The primary reason for this is usually to leave the marriage with a greater share of one’s marital estate than one’s spouse. However, this may amount to contempt of court, and there are consequences tied to this kind of behavior if it is discovered.
Here are two questions that can help you determine if your spouse is hiding marital property.
Are they paying non-existent bills?
While preparing for divorce, it is in your best interest that you keep tabs on your marital property – and this includes tracking your financial statements. If, while doing so, you notice unusual payments for products or services you have never seen materialize, then you need to ask questions. For instance, your spouse may write a check for home renovations that never happened so they can reclaim that money back once the divorce is finalized.
Have their income suddenly plummeted?
You probably know what your spouse earns. And they haven’t changed jobs as far as you can remember. While declaring income, however, you notice that they’ve quoted a different figure. This could be a sign that they are hiding a portion of their income so they can gain an upper hand during spousal support and child support cases.
Protecting your interests
Divorce can leave you financially strained. Learning how spouses often try to hide marital assets can help you protect your interests and walk out of the marriage with what you deserve.
