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The ways a spouse attempts to hide assets

On Behalf of | Apr 12, 2022 | Property Division |

The division of assets in divorce means every asset gets scrutiny. What was once “ours” must be equally divided and accounted for. However, sometimes, an unscrupulous spouse may take matters into his or her own hands. This usually translates into hiding assets to keep them out of reach of the other spouse.

Such spouses may resort to several methods to conceal assets. They rely on tricks, deceit and even family members and employers to achieve this.

Scheming with friends, relatives and employers

If you suspect your spouse is hiding marital assets that rightfully belong to you, consider some of the ways that he or she may do this:

  • Through the assistance of friends and relatives: This group has taken sides in the divorce, and they are not on yours. They willingly allow your spouse to hide cash, investment certificates and Series EE savings bonds in their homes. These friends and relatives also may accept the “repayment” of non-existent loans.
  • Backroom deals with an employer: Collusion with an employer is possible. In what ways? An employer may agree to delay a large raise or bonus to your spouse until the conclusion of the divorce.
  • Dubious monetary transfers: Such assets may wind up in bank and mutual fund accounts that are in the names of relatives, friends and corporations. Another sneaky method: transferring assets into custodial accounts with ties to your children and their Social Security numbers.
  • Dissipation of assets: This represents the wild, discreet or even indiscreet spending of money. How is this done? Spending on travel, vices such as gambling and illicit drugs or paying for extra-marital affair-related expenses such as an apartment, schooling, secret credit cards and smartphones as well as hotel rooms.

These are just some of the ways in which a spouse may hide assets. Now, you must find them.

Overcoming this obstacle

Enlist the help of an accomplished attorney and experienced forensic accountant to help you uncover these assets that are yours. Your spouse’s underhanded tactics are an obstacle that can be overcome.