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Is your spouse hiding assets during your divorce?

On Behalf of | Sep 7, 2022 | Property Division

If you’re getting divorced, you will want to make sure that your spouse isn’t hiding assets. Even if you don’t believe they would do this, knowing that it’s illegal, rest assured that many people do try to intentionally hide things from their ex.

The good news is that once you figure out how they’re doing it, you can usually track down these assets. You just need to understand what tactics they may use. Below are a few of the most common ones.

“Forgetting” about accounts

People will often fail to report that they have a certain account, such as an investment portfolio or a cryptocurrency wallet. They will simply claim that they “forgot” they ever had it — if you find it.

“Overpaying” debts

One tactic some people use is to overpay the debts that they owe. They will then get reimbursed for overages paid in the future. For instance, overpaying on your taxes may cause you to get a refund check, but they’ll try to time it so they get the refund after the divorce.

“Giving” money to others

Perhaps the most common money-hiding tactic is giving “gifts” to others. If your spouse has a close friend who agrees to hang onto the money for a bit, your soon-to-be ex can transfer it into their name and then get it back after the divorce. This deprives you of any percentage of that money that you should have been owed, but your spouse only has to make do without it for a short amount of time.

None of these tactics are legal. If you’re worried that they’re happening, be sure that you understand all of the legal options you have, so you can take appropriate action.