Divorce CPAs are generally called in once separation of the couple occurs. But sometimes one spouse starts dividing marital assets early. If you’re not the spouse that handles the finances, it can be hard to tell.
Once you think Divorce is a possibility, it behooves you to take an active interest in your finances. While I’m concentrating on pre-divorce financial manipulation, there are plenty of other reasons to understand your marriage’s financial dynamics. Here are some suggestions.
Get copies of back tax returns
If you can’t understand them, get a CPA to help explain the specifics. I’d look for:
- Changes over the last few years. For example, does Schedule B show fewer sources of interest, perhaps indicating money was put in a different account?
- Suspicious activity. Does Schedule D show excessive stock sales? Does Schedule A show gambling losses? Does Schedule A show bank deposit box fees? Is there an additional mortgage listed on Schedule A?
Spouse’s Pay Stubs
Is there a raise you didn’t know about? Maybe money is being accumulated in hopes of not becoming a part of the marital assets.
Bank Statements
Sometimes a pattern of ATM withdrawals appears. One spouse may be hiding money with friends or family. Maybe the direct deposit of a paycheck decreases, perhaps indicating money is being siphoned off.
Credit Card Statements
Are there expensive dinners you didn’t eat? Trips? Flowers? Cash advances?
I’m a divorce CPA with a virtual office. I hope you never need me. But if you do, I offer a free phone consult at (910) 399-2705.