Are you concerned that your spouse is going to try to hide assets during the divorce? Maybe the two of you have had a lot of conflicts over money, and perhaps the way that you use money even caused the divorce. Now you’re worried that your spouse is going to try to keep you from getting what you deserve by hiding some of those assets so they don’t have to split them with you.
It is illegal to hide assets during divorce, but it is something that people will attempt to do anyway. To help you identify it, here are a few potential tactics that your spouse may use.
Setting assets aside
One of the most basic tactics is to get a safe deposit box or another secure location and put assets aside. Some people purchase gift cards. Others get a small amount of cash back every time they go to the store. Over time, your spouse may be able to stash away a substantial amount of assets.
Transferring them to other accounts
A more technical way to do this in the modern era is just to transfer the money to other accounts. These could include overseas bank accounts or business accounts. The good thing about this is that there should be electronic records of the transfer to disclose where that money went.
Giving assets to trusted individuals
Finally, many people will try to hide assets just by giving them away. For instance, your spouse may say that they just remembered they owe their father for a loan from decades ago. They may claim they’re just paying back that debt, but they’re actually just giving the money to their father to hold until after the divorce.
If you’re worried that your spouse may do this, take the time to carefully look into all of the legal options at your disposal.