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Could your spouse be hiding assets?

On Behalf of | Jul 12, 2021 | Division of Property

Have you ever thought about setting some money aside so that your spouse doesn’t know you have it? Maybe you just wanted a little fund for yourself, a few hundred dollars hidden in a desk drawer. 

If you’re getting a divorce, you have to consider the fact that your spouse may do this — and possibly much more. After all, the court helps you divide assets based on the assets that you tell them you own. Your spouse may figure that an easy way to cut you out is to hide the assets, not report them to the court, and then keep 100% for themselves. 

How do people hide assets?

If you’re considering this, a good place to begin is by thinking about some of the ways people hide assets. For example, your spouse could:

  • Make up a false debt. This is often done by business owners who can control their own paperwork and create a phony debt or move joint assets into the business’s name.
  • Say that an asset they still have has been lost. This could be done with antiques, artwork, firearms, etc.
  • Give the asset to someone else. A common tactic is when someone gives a “gift” to a friend or suddenly “remembers” a debt that they need to repay. In reality, they’re planning to get that money back after the divorce.
  • Say something doesn’t exist or “forget” to add it to the list of assets. Your spouse may do this if they feel like you’re not in touch with the family finances and they assume you won’t notice.

If you’re involved in a complicated divorce case, be sure you know what legal options you have to protect your interests.