One contentious issue you'll need to deal with during your divorce is personal finances. It included deciding on things such as the division of property, child support, and alimony. Making a fair decision about these things can become very complicated when you feel like your spouse is hiding assets from you, or not being completely honest about their income. If your spouse fully discloses all of their finances during divorce proceedings, it will lead to a fair result on key issues. Here are some things to watch out for that could be a sign that they are not being honest.
Claims of Having Financial Struggles
While it's always possible that their business is failing, you may need to look into their claims if you know the industry they are in is actually booming. For example, your spouse may work in real estate, and you know that the market has been great with lots of movement. While it's entirely possible that your spouse is not great at their job, investigate their income further if you feel like something doesn't match up with the truth.
Having a Flashy Lifestyle
Chances are that you've been separated for a while prior to your divorce proceedings. If during that time they have drastically changed their lifestyle, such as moving to a neighborhood that is more upscale, getting a fancy car, or frequent vacations, it could be from them having an increase in their income.
When their lifestyle no longer matches up with how you two used to live, it's worth looking into. Keep in mind that it's entirely possible that they are now living beyond their means.
Making Large Business Expenses
When large business expenses are being made, it typically means that it is due to success. Large stock purchases, increases in wages, and higher operating costs are all identifiers that their business is performing great. It is worth looking into the financial situation of their business to get an idea about if your spouses take home pay could have potentially increased from what it used to be.
If you do find that your spouse is hidden financial assets from you during divorce proceedings, it can lead to them receiving penalties. This includes paying a higher amount in alimony, or even being arrested. With the help of your divorce lawyer, you can look into your spouse's finances and find out if they are withholding information. To learn more, contact a family lawyer like Charles P Dargo.
Share15 February 2016
Are you going through a divorce? Do you have kids? If so, do you know how to handle the many struggles you will face when it comes to your kids? Even if you and your spouse can get through the divorce while agreeing on the custody arrangements, there will be struggles that you may not have planned for. For example, who will handle the educational, medical or other decisions about the kids? Is it something that you will decide together, or will one parent make the decision and the other one agree? My site contains several tips that can help you plan for the struggles you will go through in the future and make the situation a little easier for your entire family.