Virginia is an equitable distribution state, meaning that when you get divorced, your marital assets should be divided fairly with your spouse. This doesn’t mean that those assets have to be divided equally, though, which gives you and your spouse room to argue over why you think you’re entitled to whatever portion you’re requesting. But this also raises another question: which property is deemed marital in nature?
Most assets acquired during marriage and those that are used for the benefit of the marriage are considered marital in nature, but looping all these assets into the property division process can be difficult, especially if your spouse hides them from you in an attempt to keep those assets for themselves post-divorce.
If you see red flags that your spouse is hiding assets, such as they cut you off from financial records or change their spending habits, then you need to take action to protect your interests during the property division process. This includes doing the following:
- Gaining access to financial records, even if you have to do so through the court.
- Assessing financial records with an expert, such as a forensic accountant, to see if there’s an indication that marital assets are being hidden or have been squandered away.
- Review tax returns.
- Depose your spouse so that you pin them down on statements that you can then use against them in court to secure a larger portion of the marital estate.
- Utilize other discovery methods to identify where assets are missing or where debts are artificially inflated.
Don’t let your spouse dupe you in your divorce
There’s simply too much at stake in your divorce to take your spouse at their word. If you suspect that they’re hiding assets from you, then now is the time to act to protect your interests. An attorney who is well-versed in this area of the law may be able to give you guidance on the best way to do so.