There are many issues that can spur debate and controversy between divorcing spouses. Undoubtedly, some of the most contentious divorce issues revolve around the division of assets and property. This is often especially true in high-asset divorces, where couples tend to have a complex and diversified assortment of investment and retirement accounts.
If you are contemplating filing or recently filed for divorce and suspect that a soon-to-be ex-spouse is attempting to hide assets, a divorce attorney who has experience handling complex divorces can be an invaluable asset.
Here are five common ways that spouses try to hide assets:
- Overpay on taxes – A spouse who times this right, can end up with a sizable refund after a divorce has been finalized.
- Cash withdrawals – Debit card cash withdrawals can be easily made, and concealed, when making purchases at the grocery store or other retailers.
- Delaying a big commission or raise – A spouse who knows that he or she has a sizable payout coming from an employer may request that a raise or commission payment be delayed until after a divorce is finalized.
- Loans to family members or friends – A spouse may attempt to hide assets by loaning money to a family member or friend who will then repay the loan after a divorce is finalized.
- Fake expenses – Especially popular among small business owners or the self-employed, spouses who want to squirrel away assets until after a divorce may pre-pay vendors or add fake employees to the payroll.
In a divorce, spouses are required to disclose any and all assets. If you suspect that a spouse isn’t playing by the rules, it’s important to take steps to protect your financial interests and to ensure that you receive your fair share of marital assets.