Hiding Money in a Divorce: What You Need to Know

Nobody goes into marriage expecting to divorce, but unfortunately, it does happen in many marriages. And when a person does decide to divorce, they can make it really messy very quickly. Divorce often brings out the worst in a person. It is an expensive and emotional process that causes some people to engage in immoral and illegal activities, such as hiding assets.

Hiding assets is actually common in a divorce, but that doesn’t make it right. Not only is it sneaky, but it is also illegal. While either party can hide assets, men tend to do it more often than women because they are usually more financially savvy.

You may be aware of many of the assets that you have, such as houses, cars and bank accounts. But do you know about your husband’s stocks or your wife’s retirement account? Perhaps your spouse has a stash of money in a safe that you don’t know about. If you don’t know about these accounts, then that makes it easier for your spouse to hide them in a divorce.

It’s important to have a clear understanding of all the assets that your spouse has because they need to be divided in the divorce. You could miss out on a significant amount of assets in a divorce. Here are some signs that your spouse is hiding assets.

Purchases of Overlooked/Undervalued Assets

Did your wife recently purchase some antiques? Perhaps your husband added another piece of artwork to his collection. These purchases may not seem significant on the surface, but they could be worth a lot in a divorce.

Stashed Cash

Does your spouse seem to have a lot of cash in his or her possession lately? If so, they may be keeping a stash of money somewhere in your home. Be aware of sneaky behavior that may confirm this suspicion.

Transferring Assets

If there is not much money in the shared bank account, is it because there is really no money or is it because your spouse transferred assets to another account to hide them? Bank records can show all transactions that were made.

IRS/Tax Discrepancies

Is your spouse underreporting income on tax forms? If your husband or wife owns a business, are they reporting personal expenses as business costs to lower their income? Is he or she intentionally overpaying the IRS so they can get a bigger refund later on, when the divorce has been finalized? If so, these are usually signs that your spouse is hiding assets. 

Seek Legal Help

Money is one of the biggest disagreements in a marriage, and this is true for divorces as well. Nobody wants to lose their hard-earned money, so some people will go to great lengths to hide it.

Do you think your spouse might be hiding money from you in your divorce? If so, contact Fort Lauderdale divorce attorney Edward J. Jennings, P.A. He and his team can help you resolve all your divorce issues and help you with the discovery process so you can make sure you get what you deserve in your divorce. Call 954-764-4330 or fill out the online form to schedule a consultation.

Resource:

forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets/#1980e53c6579

https://www.ejj-law.com/many-florida-cities-have-high-divorce-rates/