The divorce process can take longer than you may think. In some cases, the process can take years before the couple finally divorces. In the case of asset division, it can take some time before assets are divided and distributed. From hidden retirement accounts to undisclosed properties you didn’t even know existed, divorcing couples have a plethora of methods and tricks they can use to hide their assets. One of the best solution is to make an appointment with a family law lawyer. What about knowing the fundamentals and consequences?
Dont worry! In this article, we will discover everything regarding the family assets of divorcing couples. So let’s get started!
Is your partner concealing assets?
If you don’t start searching for indicators about hidden riches, you might never notice that your spouse is doing improperly. In order to lessen alimony payments or property division, it is expressly intended to maintain the other spouse in the dark when hiding assets after a divorce. Before filing for divorce, one party could try to conceal assets like money or property in a number of ways, such as:
- Open a unique bank account in the name of just one party
- not disclosing a bonus, compensation, or pay raise
- transferring funds to a family member’s accounts
- depositing funds directly into several accounts
- removing the lock from a safe
- purchasing jewelry, treasures, antiques, or other items
- putting business assets undervalued
- presenting fictitious debts or expenses; or
- contributions made to a secret benefits program
Affairs could also indicate secret bank accounts
Finding out about an affair can be unsettling for a spouse. An affair, however, could also be an indication that the spouse is using marital funds for personal use. This could involve remuneration for the other person, pricey presents, rent, and trips. Additionally, this can be a sign of previous affairs and numerous attempts to divert funds from family accounts.
A Divorce’s Hidden Assets: Finding Them
Contacting your family law lawyer may be the quickest way to find concealed money. To find any suspect activities, your attorney can look at your spouse’s finances. Your lawyer can also give you advice on your alternatives and the actions you can take to safeguard your assets and possessions.
By searching for any accounts or property you do not identify, you may be able to investigate your home for indications of secret accounts or sources of income. Possible warning signs or indicators that a spouse is keeping money secret include:
- alterations to budgeting and money management,
- Keeping one’s online activity private,
- alterations in spending patterns,
- Switching bank, investment, and benefits payment details, and
- Money-related problems are causing more worry.
Finding Hidden Assets Once the Divorce is Complete
Regrettably, a lot of people learn about financial fraud only after the divorce is legally finalized. After the compensation agreement is signed, the ex-spouse can feel powerless to take any more action. If the data is founded on fraud, you might be eligible to request a reconsideration of any divorce orders.
Final Words
In some divorces, the stakes are high enough that a person might resort to hiding assets during, or even prior to a divorce. The most common way this is accomplished is by transferring cash or other value out of reach of the court’s power.
