Division of assets is one of the most contentious parts of a divorce. Unsurprisingly, not many people like the idea of sharing their property with their ex-spouse, especially if there are feelings of betrayal, mistrust and anger.
While both spouses are required to disclose their properties, liabilities, and sources of income during a divorce, your spouse may decide to hide some assets from you. Below are some of the common ways your spouse may be hiding assets.
Hiding cash
Withdrawing cash and stashing it away is very easy. If your spouse has been planning the divorce for some time, they could start making small withdrawals. However, small but regular amounts can add up to a considerable amount over a few months.
Your spouse may hide this money in a secret deposit box or a child’s bank account. To uncover hidden money, ensure that you check all bank statements. In case you notice regular or large withdrawals, then your spouse may be hiding cash somewhere.
Undisclosed investments
In most marriages, one spouse handles most of the finances. Therefore, if your spouse knew that divorce could be a possibility, they may purchase investments like real estate or stocks without informing you. They will also not disclose these investments during the divorce process in the hopes that they will keep them.
Paying back fake debts
If a divorce is looming on the horizon, your partner may start “paying” fake debts owed to friends, family members or other parties. However, these could be illegitimate debts. The person who receives the money will hold it for your spouse and return it once the divorce has been finalized.
Unfortunately, there are several ways your spouse could be hiding assets during the divorce process. However, if you suspect that your spouse could be concealing assets from you, you should consider seeking legal assistance.