Is Your Spouse Hiding Assets? | Froelich Law Group

When high-asset couples divorce, it can be difficult to untangle whose property is whose. In Wisconsin, there isn’t as much to separate as in other states.

Wisconsin is a community property state, which means everything is subject to equal division. The main exceptions include any property that was obtained:

Before the marriage
After a legal separation
As an inheritance or gift, provided it stays separate and not in a joint account or there is a record of the gift

Because Wisconsin puts all property in a communal pile and splits it down the middle, some people may try to hide assets so they don’t have to split them with their spouses. They employ many tricks and keep secrets to avoid suspicion.

This is wrong, as it doesn’t allow both spouses to protect their financial futures after the marriage ends. But how can a divorcing person know their spouse is trying to keep assets from them that should be divided legally?

Financial Clues

Here are a few common financial signs that a spouse is trying to hide assets:

Opening multiple personal or business bank accounts
Setting up bank accounts in the name of a child or friend
Maintaining or taking over control of any shared bank accounts, banking information, or passwords
Deleting financial accounting programs
Claiming a computer containing financial records has “crashed,” removing the hard drive, and “failing” to retrieve the data
Transferring assets to family and friends (which are reversed post-divorce)
Alleging a dramatic decrease in marital or business assets and investments

Not Always About Money

However, some of the signs a spouse is hiding assets are a little sneakier. They don’t immediately look suspicious but in truth, they are part of a plan to move communal property so it can’t be split. They include:

Purchasing unusually expensive items that can be resold later
Acquiring multiple cell phones and new numbers
Withdrawing cash from debit cards
Paying debt to family in friends, to be paid back after the divorce
Suffering a “decrease” in income but making no change to expenses
Postponing commissions, bonuses or promotions
Complaining about money to avoid suspicion, or being overly vague or secretive about money
Pressuring a spouse to sign legal documents quickly without proper review

Hiding Assets Causes Trouble

Lying about assets during divorce proceedings is illegal – the couple agreed to share that property equally at the start of the marriage, and each spouse is entitled to half at the marriage’s end.

If there is any reason to suspect a spouse is trying to hide assets, look for these clues to find an answer. A divorce attorney can help establish proof to ensure the community property is all revealed and divided as it should be.