If you’re getting a divorce, you may be worried that your spouse is going to hide assets. You think they’re going to do this because they simply don’t want to divide things fairly with you, and they believe that hiding those assets will keep them out of the divorce proceedings.
This is illegal, but people do try it. As such, it’s essential to understand what tactics they may use.
One tactic is to take small withdrawals from an ATM or get cash back at the store. Some people merely take a small amount of money they think their spouse won’t notice, and they do this for months. They can consistently build up a hidden fund that they keep in a safe deposit box or another location.
Giving it away
Another tactic that people use is to give money to someone that they know, with the understanding that that person will return the money to them after the divorce. They will usually choose a family member or a close personal friend.
Inaccurately stating the value of possessions
A more complicated tactic is to take cash and buy items they believe they can undervalue. For instance, someone may buy a painting for $20,000 and then only claim it’s worth $2,000. If they can make it look like the things that they own aren’t worth as much as they are, then they can get a greater percentage of the total assets.
It’s frustrating when someone tries to do this during a divorce, so make sure you know exactly what legal options you have if your spouse is hiding assets.