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Hiding assets during a divorce: Don’t do it, but make sure to look for it

During a divorce, one spouse may decide to hide assets. It’s important to note that doing this is illegal, yet some people choose to do so anyway in hopes that they will not get caught. How do they do this? There are many different avenues.

One person may decide to try to hide assets in a bank account you don’t know about. Your spouse might opt to pull cash out of a bank account and keep it on hand, so there is no trace of it existing any longer.

Hiding assets is a big deal, because it means that one spouse may miss out on their fair share of the marital assets they assisted in building up. This is why the courts take it so seriously. In some instances, a judge might even order all found hidden assets to be given to the victimized spouse, leaving the person who hid assets with even less than if they’d negotiated fairly to begin with.

What should you do if you believe that your spouse is hiding assets from you?

Talk to your attorney about the potential for hidden assets, first. If there is a good chance that assets are hidden or missing, then you may want to hire a forensic accountant or start looking over tax returns, checking account statements or other paperwork for discrepancies. You should follow your spouse’s social media and see if you can locate images of lost assets or find information that may suggest that they are spending assets they took unfairly.

Your attorney can help you bring hidden assets to light if you have to take your case to court. These assets are part of what you may be entitled to as you separate.

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