Property division is often a contentious part of the divorce process. For it to succeed, both spouses generally need to be transparent about their properties and finances. Unfortunately, some spouses hide assets from the court and their future exes by employing various methods, such as the following.
Upon realizing an impending divorce, some people withdraw money from their marital bank accounts and transfer this to another account or location. Keeping track of movements in joint bank accounts can help uncover and prevent this tactic.
Moreover, some spouses seek their family members’ help to hide assets. They might report that they borrowed money from a family member and will therefore need to pay. Often, the lender returns this money after the divorce.
Investing in cryptocurrency
Some spouses make secret cryptocurrency accounts to hide their money. Unfortunately, the more obscure the cryptocurrency, the harder and more expensive it usually is to track.
This might be the case for couples with non-monetary assets that cost a lot of money, such as business interests, expensive jewelry, vehicles, and antiques. One spouse might undervalue these properties to throw off how the court divides them between the couple.
Some people about to receive significant bonuses or promotions might arrange for their bosses to delay these awards until after the divorce. This approach prevents their newfound wealth from being part of the asset division.
Hiding assets creates an unequal situation in which one spouse benefits from the marital properties more than their soon-to-be ex. Unfortunately, some methods certain spouses employ to conceal their wealth are not easy to see. Collaborating with an advocate with experience in divorce can help better ensure that marital assets are divided fairly and reasonably.