Where do divorcing spouses hide assets?

 Posted on June 12, 2023 in Divorce

The majority of divorcing spouses are going to be honest when declaring their assets. Both spouses have an obligation to do this completely and truthfully.

If you suspect your spouse might not be, it’s worth understanding where people tend to hide assets. Let’s look at some of the most common places.

Around the house

Yes, people do still hide money under the floorboards or in a hole in the garden. Others prefer a safe in the garage. They may even do it in full visibility by buying things and lying about their value to you – for instance, a painting or an antique.

With friends or family

Maybe your spouse just passed someone a lump of cash to hold, or perhaps they invested in property but put the title in someone else’s name. The idea is their friend or family member will pass it back to them once the divorce is done, cutting you out of the picture.

Offshore or in another state

Some countries and even some states want your money and will offer significant incentives to get it. That can include secrecy and a stubborn refusal to let anyone else touch it. Unsurprisingly, some spouses take advantage of this to keep money from their partners.

In the virtual world

If you thought tracking down and accessing assets in the real world was difficult, be prepared for things to be even more challenging if your spouse holds assets in the virtual world. Cryptocurrencies and non-fungible tokens can be incredibly hard to trace and access. Secrecy is why so many people are attracted to them.

If you think your spouse has kept assets from you, you’ll need to learn more about your legal options. Having sound legal guidance throughout your divorce will help.