A divorcing spouse may decide they want to hide assets from their soon-to-be ex and the court in order to gain an underhanded advantage when the property is divided.
It’s important to understand some of the ways in which people do it. Here are a few examples.
Diverting assets to others
People have been known to buy an asset such as a vehicle or property but put it in the name of a friend or family member with the intention of having that person transfer it back once the divorce is finalized and they consider it safe to do so. They might also just open an account or investment in someone else’s name which they fund, perhaps over years, with the intention of having the money transferred to them later.
Putting wealth in places that are secretive and hard to access
Cryptocurrency has become a very popular vehicle for hiding wealth, as the high level of security and secrecy around it means that a spouse may never know about it and be unable to access it if they do. Other options in a similar vein include offshore accounts or trusts in other states.
Hiding assets in plain sight
Another way people try to deceive their spouse is by putting money into a material asset that the other party does not know the true value of. For example, they buy a piece of art with marital funds and tell their spouse it cost or is worth far less than it is. They may deliberately choose an item their spouse doesn’t want in the hope they won’t seek it as they divide their property.
Hiding assets in divorce is illegal. If you can uncover evidence of it, presenting it to the court can help you get your rightful portion of shared assets. Having experienced legal guidance can help.
