Divorce is often a stressful and emotional process for everyone involved. Even in seemingly amicable separations, one spouse might attempt to conceal wealth to prevent a fair division of assets.
This dishonest behavior can leave you at a financial disadvantage and add extra anxiety to an already challenging situation. New Jersey law requires full financial disclosure during divorce, but some individuals still try to hide assets. Recognizing potential signs of concealment and knowing how to respond can help protect your interests as you navigate property division.
Red flags you should watch out for
Your spouse’s financial behavior might hint at hidden assets that can shift the tides of your divorce. Keep an eye out for:
- Unexplained withdrawals: Frequent or large cash withdrawals without clear reasons
- New accounts: Sudden appearance of new bank or investment accounts
- Delayed income: Postponing work bonuses or commissions until after divorce
- Overpaying debts: Deliberately paying too much to creditors, planning to get it back later
- Business troubles: Sudden claims of losses or debts, especially for self-employed spouses
If you notice these behaviors, keep careful notes. Your observations could be important if you need to take legal steps later.
Protecting your rights
New Jersey Court Rule 5:5-2 says both spouses must file a Case Information Statement early in the divorce. This form requires a full picture of your finances. Be thorough when you fill out your own, and look closely at your spouse’s.
If something seems off, speak up right away. Remember, hiding assets during divorce is against the law. It can lead to serious consequences.
Dealing with potential asset concealment requires careful attention and professional help. By staying alert and understanding your rights under New Jersey law, you can better protect your financial interests as you divide property in your divorce.