During the divorce process, dividing your assets and debt can very challenging and stressful. Unfortunately, some people are so determined to avoid fair property division that they resort to hiding assets.
Though it is improper to hide one’s assets, that doesn’t stop people from trying, unfortunately. The Women’s Institute for Financial Education closely examines some of the places that you may potentially be able to find hidden assets.
- This may include surprising places, such as fabricated “debt repayments.”
- In particularly extreme cases, business owners have created bogus employees in order to channel money through fake paychecks.
- Other warning signs for the hiding of assets can include a sudden interest in a new hobby, artwork, antiques or other expensive pursuits. This is usually the conversion of cash into an expensive asset, which can then later be re-sold in order to obtain the cash back.
Unreported income can also be an issue, if the spouse works with any sort of cash enterprise. Cash enterprises may not show up on financial documentation and might not even be part of taxes. This can make cash extremely hard to track as it changes hands, which your spouse could be betting on in the hopes of you becoming too tripped up to focus on them.
If you have questions about the hiding of assets, contact an attorney who has experience dealing with these issues.