When going through a divorce, it is important to keep a close eye on your assets. Asset hiding is a major issue between divorcees. There is a higher chance of it happening with high asset couples, too, due to the greater ease at which someone can hide large assets.
One of the best ways to defend yourself from unfair asset hiding is by arming yourself with knowledge. Understand what asset hiding is, how it works and what you can do to stop it.
Physically hiding assets
Forbes discusses ways of finding assets your spouse may hide during the divorce process. First, what is asset hiding? This involves obfuscating assets in order to prevent a spouse from gaining their fair share during equitable asset division.
A person may hide assets in many ways. They could physically withdraw cash or accept cash only payments for work, and then hide that cash. Common hiding places include their car, home office or other personal space. They may even hide it at work.
Falsifying debt repayment
Another common tactic involves “repaying debts”. They claim they must repay a debt or loan. However, they actually have a relative or family member hold onto the money on their behalf. After the finalization of the divorce, they collect the money again.
If you notice signs of asset hiding, you can take action. You can prove your spouse attempted to hide assets through the aid of a forensic financial analyst. Once you uncover the truth, your spouse will face a penalty for attempting to hide assets. This may even lead to a more favorable division of assets for you in the court battle.