How could your spouse hide assets?

 Posted on January 28, 2023 in High Asset Divorce

Most people do not try to hide assets during a divorce, knowing that doing so can get them into a difficult legal position. If the court orders them to fully disclose the assets that they own and they intentionally leave things out or try to manipulate the numbers, they can be in violation of that court order.

However, there are those who decide that they are going to hide assets so that their spouse gets 0% of those assets, rather than the percentage allocated by the court. It’s important for you to know how this may happen and what tactics they could use so that you can see any warning signs in advance.

Examples of tactics people use

It is certainly important to remember that every case is unique and you know your spouse better than anyone else. That being said, here are some examples that people have used in the past, which you may want to look for:

• Getting a friend to agree to hold the money until after the divorce
• Making up fake debts or other financial obligations
• Over-paying credit card companies or even the IRS at tax time
• Investing money in cryptocurrency as a way to move it out of financial accounts that have been disclosed to the court
• Taking money out by getting cash back at the ATM and slowly putting it into a safe deposit box

These are just a few examples, but one thing to keep in mind is that your best defense tactic is to gather information early. If you know exactly what assets you own before your spouse begins trying to hide them, you’ll quickly see if they do anything that violates your rights. Make sure you know exactly what legal options you have during your divorce.