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Look out for hidden assets in your divorce

On Behalf of | Dec 28, 2023 | Family Law

Detecting any assets your spouse hides during your divorce will be crucial to getting the division of assets that corresponds to you. 

Unfortunately, there may be occasions when a spouse attempts to hide assets, which can devalue your divorce settlement. Outlined below are a few things to keep in mind. 

First, look close to home

Your spouse may be hiding considerable wealth around the house in the guise of items like artwork. While they are right there in front of your eyes, you might have no idea of their true worth. Consider getting an appraiser to value them if you are unsure.

You may need to go through paperwork with a fine-tooth comb 

Unusual transactions or withdrawals should raise red flags. As should an absence of expected payments into the account, such as the yearly bonus or dividends your spouse has always received. It might be that they asked the person in charge of the money to delay transferring it until the divorce is over.

Consider whether your spouse’s family or friends are helping to deceive you

If you discover your spouse has passed a friend or family member a considerable amount of money, they might claim it was to repay a debt they had failed to mention to you. It could be, but it could also be that there was no debt, and the friend is just holding the money until the divorce is complete to avoid it being counted in the division process.

Don’t limit your scope

You may need to look out of state, offshore or even in the virtual world to locate hidden assets. People often take advantage of the security such places can offer.

If you suspect your spouse is being dishonest about assets, then there is no harm in hiring someone to do some digging into their finances. Your spouse won’t necessarily need to know. If you do discover irregularities, learning how to present them to the court will increase the chance you get your fair share.