Many people are worried that their spouse is going to try to hide assets if they’re going through a divorce. They know that this is not allowed by the court and that full disclosure of all marital assets is required, but they may be concerned that their spouse will try to break this rule so that they can’t get some of their assets.
If you’re worried about this, one of the first things to ask is simply how you think they might do it. Let’s take a look at a few ways.
You should know that this is certainly not a list of all of the ways someone could hide assets, but it gives you an idea of what they’re trying to accomplish and what you may want to look out for. Some of the tactics people often use include:
- Transferring money to a business
- Giving money to a friend
- Giving money to a family member
- Buying cryptocurrency
- Transferring money offshore
- Withdrawing money through small ATM purchases
- Overpaying on taxes or other bills
- Buying items that might be undervalued
- Turning down payments, bonuses or raises until after the divorce
If you’re looking at your financial documents and you realize that things don’t quite add up, it could be that your spouse has attempted to move money or assets to a location where you won’t find them. They may even be counting on you not knowing that those assets exist if they’ve always been more involved with this process than you have.
There are legal steps you can take if this happens. Once again, hiding assets is illegal. Be sure you know exactly what options are at your disposal.