Cases of hidden assets during divorce are not uncommon. A spouse may do this to prevent some assets from being subject to property division, which, in turn, results in an unfair split of the community property.
So, can you tell if your spouse is hiding assets?
Is their list of assets not adding up?
You and your spouse will disclose the assets and debts you have acquired during your marriage. Pay attention to their list to notice if it’s incomplete. If it is, perhaps they have not included a bank account or a real estate property, raise the matter.
Your spouse may have honestly forgotten to include an asset or intentionally hidden it.
Are they giving out expensive gifts or making expensive purchases?
Your spouse may give family members or friends expensive gifts during your divorce, only for the recipients to return them or sell them and give your spouse money after your divorce is finalized.
Some spouses hide assets by purchasing expensive things for themselves and returning or reselling them later. In most cases, these purchases are things that can be overlooked, such as expensive artwork, watches, jewelry or antiques.
Are they overpaying their taxes or loans?
Your spouse overpaying the Internal Revenue Service (IRS) or other creditors may be a way of hiding assets from you, as they will receive the money back by requesting a refund later. You can notice this tactic by assessing your spouse’s tax returns, bank accounts and pay stubs.
Are they interested in digital assets?
You may need to be concerned if your soon-to-be ex-spouse is suddenly interested in digital assets, such as cryptocurrency. That’s often considered a good way to hide funds that someone doesn’t want traced.
Hiding assets during divorce is illegal and unethical. If you believe your spouse is doing this, it’s vital to get legal help to determine the best way to uncover those assets.
