When a marriage ends, former couples need to work toward a resolution with regard to their joint assets and liabilities. One of the things that can make this process difficult, particularly in a high asset divorce, is when one party attempts to hide assets. This can have serious legal, emotional and financial consequences, so many Alberta individuals going through a divorce are rightly on the lookout for signs that their spouse might have assets hidden. But, what signs should they be looking for, exactly?
One sign that a spouse may be hiding assets is overpayments to creditors or in tax payments. It is possible that someone may purposely overpay the Canada Revenue Agency or a creditor in hopes of getting a refund of the extra amount after the divorce is finalized. If money is taken out of accounts for bills, ask to see the bill amount owed to confirm that the amounts match up.
Suspicious purchases are another red flag, such as art or antiques. It is possible for a spouse to purchase a very valuable piece of art and claim that it is a thrifty garage sale find. If a spouse begins purchasing such items as a marriage is coming to an end, it is worth investigating their real value.
There are several other things that may be red flags, such as an interest in cryptocurrency, disappearing account statements or any unusual financial activity. In a high asset divorce, it is important to be aware of any moves that seem suspicious. A trusted Alberta family lawyer can help people navigate these concerns.
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