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Is your spouse hiding assets?

On Behalf of | Jan 14, 2022 | Divorce

One of the key parts of any divorce is splitting up the assets, and this starts with taking inventory of what the couple has. In some cases, one partner is far more involved with the finances than the other.

This can sometimes lead to that partner deciding that they’re going to hide assets from their spouse. They do this so that they can exclusively keep those assets and they don’t have to divide them.

How are they going to do it?

Your spouse is not allowed to do this, by the letter of the law, but a lot of people do it because they don’t imagine that they’re going to be caught. As such, you want to know what to look for so that you can expose the scheme and get what you really deserve. Here are a few ways that people do hide assets:

  • Putting family assets into a business
  • Giving assets to a close friend
  • Giving assets to a family member
  • Making up fake debts or giving out fake loans
  • Making small ATM withdrawals or getting cash back for returns
  • Not disclosing increases in income
  • Putting off benefits or bonuses
  • Giving inaccurate valuations of assets that are owned

Exactly what your spouse does depends on what type of assets they’re trying to hide and what options they have. For instance, it’s often easier for a business owner to hide assets than someone else because they can use the business to disguise those assets.

No matter what, though, if you believe that your spouse is doing this, you must know about all of the legal options at your disposal. You need to work to get what you really deserve in your divorce. 

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