The simple truth is that tensions can run high during a divorce, causing people to take actions they might have once thought themselves incapable of taking. For example, some spouses may try to hide assets and/or income in an attempt to try to cheat their soon-to-be ex spouse out of their rightful share.
Fortunately, experts have compiled a list of a few tactics that while not comprehensive may nevertheless help alert a spouse to the potential hiding of assets.
One of the more common scenarios involves sneaky spouses trying to hide cash. They might stow cash in a safe deposit box or even somewhere around the house. Think about all the ways that people try to hide cash from burglars — wrapping it and putting it in the freezer, putting it inside a book — even that old standby, stuffing it under a mattress.
Some sneaky spouses may also try to secretly transfer stock. For example, they might transfer it to a business partner, family member or dummy company. Here, the idea is that the spouses will hide the stock during the divorce and have it transferred back to them once it is completed.
Another sneaky tactic some spouses try is hiding assets in plain sight. How is this possible? Here, the spouse buys expensive items that are likely to be undervalued or even overlooked entirely, such as a piece of antique furniture or a valuable collectible stamp.
Experts indicate that uneasy spouses faced with these situations would likely benefit from sharing their concerns with a qualified divorce attorney. Here, the attorney can outline some options — i.e., hiring a forensic accountant — along with their respective pros and cons. This step, they say, can help grant peace of mind.
Stay tuned for more from our Ft. Worth family law blog …
To learn more about dissolution of marriage, property division or other divorce-related issues, contact an experienced and skilled legal professional.
This post is for informational purposes only and is not to be construed as legal or financial advice.
Source:
Business Insider, “Divorcing women: Here’s how your husband will try to hide assets,” Jeffrey Landers, Sept. 5, 2012
