Divorce has a way of bringing out the worst in some spouses. It’s not uncommon for high-income earning husbands or wives facing divorce to hide assets, even though it’s illegal for them to do so. There are various ways in which spouses do this.
Where your spouse may be hiding assets
It’s become increasingly popular in recent years for spouses not to share banking accounts, making it more difficult for husbands and wives to know precisely what type of income or revenue they may have coming in or out. The same situation applies to credit cards, retirement accounts and pension and investment portfolios.
There are also situations in which one spouse may have an ownership stake in businesses or own property that the other isn’t aware of. One or both spouses may also have life insurance policies with cash values.
Other places to look to uncover your spouse’s hidden assets
If you remember your spouse having purchased valuable items such as antiques, artwork, jewelry, a classic car or sports memorabilia shortly before filing for divorce, then they may have done so as a way to hide assets.
Your soon-to-be ex’s tax returns may be a place for them to try and hide assets too. It’s not uncommon for individuals to overpay their creditors or the Internal Revenue Service (IRS) with the expectation of receiving a refund later on. Your husband or wife may also take the risk and underreport their income on their taxes in hopes that they won’t get caught.
It’s also not uncommon for high-income earning spouses to defer their salary bonuses or commission or to delay in signing new contracts as a way to make it seem like they have less than they do.
Sneaky spouses may also set up an account on behalf of their child, temporarily transfer business interests or stock interests to someone else or create and service fictitious debts as a way of hiding their assets.
Splitting up assets in a divorce can be hard enough to do if both Ohio spouses are upfront about their assets. It’s much more challenging if your husband or wife is hiding what they have or own, though. You’ll want to have a family law attorney who has experience uncovering hidden assets on your side in your Cincinnati divorce case if you want to get what’s rightfully yours in the end.