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We provide aggressive and loyal service for individuals during difficult personal and family situations.

Should you beware of hidden assets?

On Behalf of | Sep 6, 2022 | Divorce | 0 comments

Asset hiding has existed alongside divorces for as long as property division itself. While it is not guaranteed everyone will have to deal with this, it is a possibility to consider.

What exactly is asset hiding in the first place, then? What signs may indicate that it is a potential concern?

Typical ways to hide assets

Forbes discusses some of the assets hidden in plain sight. Generally, this includes things that a person may not consider looking at on their own, such as airplane mileage, country club memberships, or even stocks.

However, there are other ways to hide assets that are not as passive. In these situations, a person will actively hide either the source of an asset or assets on their own, attempting to keep it a secret from their spouse.

They will do this in numerous ways. Some common tactics involve transferring one form of asset to another. For example, someone may buy a car or digital stocks with the intention of selling them after the divorce gets finalized. This will allow them to keep all of that money without dividing it.

Creative asset hiding

In other cases, people get even more creative. For example, a spouse may claim they have to repay a debt owed to a friend or relative. That person then holds onto this “debt money” for the spouse, waiting to return it after the divorce. Other people will even invent employees to pay, taking the paycheck for their own secret funds.

Hiding assets is illegal in any case. If someone suspects their spouse of doing this, they should look into their potential options for handling it.