In what ways can your spouse hide assets?

On Behalf of | Nov 23, 2021 | Divorce, Property Division |

If you are preparing for a divorce, you will have to split your assets with your spouse. In some instances, your partner may decide to hide assets to avoid an equitable split.

If you have concerns about your spouse hiding assets, Huffington Post has some tips to look for asset hiding.

Delays on payments

If your spouse expects a payment, commission or another contract, but it never comes, he or she may be delaying it. A spouse may delay receiving payment until after a divorce to hoard any cash or claim that the money is not marital property.

Lending to friends and family

Another way to hide assets may include your spouse’s friends or family. Generally, friends and family may agree to accept loans or gifts of money or assets so your spouse looks like he or she has less. Then, once you finalize the divorce, the friends or family members pay your ex back.

Making expensive purchases

Your spouse may downplay his or her expensive purchases. For example, he or she may purchase jewelry, art or other expensive pieces but will not acknowledge the expense. The purpose of purchasing expensive items is to move the money and transfer it into property that the court may overlook when splitting finances.

Keep in mind that if you suspect your spouse may be hiding assets because of your upcoming divorce, he or she is not acting in alignment with the law. Knowing the signs of hidden assets can help you identify them to ensure your spouse cannot cheat you out of money or assets.