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If your spouse gives away assets, is that a red flag?

On Behalf of | Oct 13, 2021 | Property Division |

After you file for divorce, there will still be months before the decision is finalized in court. Naturally, you have bills to pay and daily expenses during this time. Spending money is not abnormal, nor is it prohibited. 

What you want to watch for is anything out of the ordinary. For instance, it is a red flag if your spouse gives assets away. This is a common tactic used to attempt to hide those assets — even though it is illegal to do so.

How it works

Here’s how it works. Say your spouse has $100,000 that they know they’ll have to split with you, but they don’t want to do so. They invent some sort of excuse. Maybe a sibling “ran into financial problems” and needed a short-term loan to keep their house. Maybe your spouse “forgot about a loan” he or she had borrowed from a friend and decided to pay it back. 

The excuse, whatever it is, is not real. But it allows your spouse to give the $100,000 to a third party. After the divorce is finalized, that person will give the money back to your spouse. By temporarily decreasing the assets they own, your spouse keeps you from getting any of that money. This is fraudulent, but it does happen. 

What can you do?

If you see any red flags like this, it’s absolutely crucial that you know what legal steps you can take to put a halt to the problem. You need to know what your rights are and how you can fight to make sure they are protected during the divorce.