Marriage is supposed to be built on trust and honesty. Unfortunately, one spouse may sometimes conceal assets from the other, either in preparation for a divorce or for other reasons. If you suspect your spouse may be hiding marital assets, you need to take immediate action.
Here are some common ways your spouse may attempt to hide assets and what you can do about it.
Transferring assets to friends or family members
This can include transferring property, money, or other valuable assets to someone else’s name. By doing this, the spouse hopes to prevent the assets from being considered marital property in a divorce settlement.
If your spouse is self-employed or runs a business, they may be able to underreport their income. They may do this by not reporting all of their earnings, reporting expenses unrelated to the business or failing to report cash transactions. Your spouse may also attempt to hide assets by delaying bonuses or raises until after a divorce settlement.
Overpaying taxes is a clever way to hide money. A spouse may intentionally overpay their taxes and receive a large refund after the divorce is finalized. This can make it difficult to determine the actual value of marital assets.
Cryptocurrency is an increasingly popular way to hide assets. A spouse may purchase cryptocurrency using marital funds and then transfer it to a digital wallet that the other spouse is unaware of. This can make it difficult to track the value of the assets.
Transferring assets to a business
If your spouse owns a business, they may transfer assets to the business in an attempt to keep them from being considered marital property. This can include transferring money, property or other assets to the business’s name.
If you suspect your spouse is hiding marital assets, it is important to take action. By being aware of the most common methods they can use to do so, you can take steps to protect your interests. Consult with a forensic accountant and seek legal assistance to help you uncover hidden assets and navigate the legal process.