Is your soon-to-be ex-spouse hiding assets?
Unfortunately, when some individuals are faced with adversity they do not rise to the challenge and act with integrity. For many individuals divorce stirs up strong, and often negative, emotions that compel one to say or do certain things that are out of character or deceitful.
When it comes to dividing assets in a divorce, some individuals may go to great lengths to attempt to hide assets from a soon-to-be ex-spouse. The following are some commonly employed methods used to hide assets during a divorce.
- Surprise debt – Repaying a friend or family member an imaginary debt is one way an individual may attempt to squirrel away assets from a spouse.
- Secret accounts – Activity on an account held in a child’s name may indicate that a spouse is depositing or withdrawing assets.
- Delayed income – Did that guaranteed bonus or sale suddenly not happen? A spouse may be delaying payment until after a divorce settlement is signed.
- A secret collection – A spouse may fail to own up to the actual value of artwork, collectables or memorabilia.
In addition to the possible methods used to hide assets that are mentioned above, it’s also wise to review checking and credit card account statements. Are there any deposits that appear to be reduced or questionable withdrawals?
Maryland residents who believe that a spouse has hidden assets would be wise to discuss their situation with a divorce attorney. An attorney who has experience handling complex and contentious divorce cases may be able to aid in the discovery of hidden assets or compel a husband or wife to admit to hiding assets.
Source: Wife.org, “Six Places to Look for Hidden Assets During Divorce,” 2014