How could your spouse hide assets?

On Behalf of | Aug 5, 2022 | Family Law/Divorce

Do you suspect that your spouse is planning to hide assets during your divorce? You know that they’re unhappy that the divorce is happening and that they don’t want to split all of the financial and physical assets with you properly. They would like to keep as much as they can for themselves, so they are going to hide assets from the court.

Your spouse may deny this intention, but it’s still good to know how people tend to do this. It can show you what to look for so that you can discover those assets and prove that your spouse was trying to hide them.

Using secret accounts

One way that people sometimes do this is by using financial accounts that they simply don’t tell their spouse about to begin with. Maybe your spouse has been investing without your knowledge or moving money overseas. Maybe they just have a safe deposit box with valuables and cash inside. 

Using cryptocurrency

With the rise of cryptocurrency in recent years, one trend has shown people putting money into their cryptocurrency wallet and then failing to disclose that account to the court. Since this is largely an unregulated industry, it can be harder to track.

Using a friend

One of the most common ways that people hide assets is by giving them to their friends. They just need someone that they can trust to give the money back after the divorce is done. Your spouse may hope that you don’t notice the transaction or they may come up with an excuse, like telling you that the money is for an old debt they forgot to pay off.

No matter how your spouse decides to hide assets, you need to know exactly what legal options you have.