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3 ways spouses hide assets

On Behalf of | Sep 21, 2022 | Family Law

When splitting property in a divorce, some people can become sneaky. They no longer care about preserving trust with the person they are divorcing and look for ways to hide assets from them.

Here are some of the ways people do this:

They transfer assets to friends or family

This might mean moving money into someone else’s account or buying a new car or house but putting the title in someone else’s name. Once the divorce is done, they can retrieve those assets.

They transfer assets to other places

Certain states incentivize people to store their wealth by offering them secretive trusts that can be incredibly hard to discover, let alone access the contents of.

Certain countries do similar, and many wealthy people use the anonymity these tax havens provide to keep assets from their spouse.

Cryptocurrency is another recent option. Its impenetrable security can make it very difficult for a spouse or even lawmakers to discover.

They play with the timing of money

Let’s say your spouse is due a big bonus. If they claim it now, they need to admit to it and possibly share it with you when dividing property.  If they tell their company to hold it for them until the divorce is over, they will get to keep it all.

Other people overpay bills, such as tax bills, knowing that by the time the rebate comes through, they will long since be divorced.

If you suspect your spouse is hiding assets from you, seek legal help to search for evidence. If you can prove it, the judge may increase how much you receive in the division of property.