From a legal standpoint, your spouse should never try to hide assets during a divorce. Both of you are required to make full financial disclosures to the court so that it can assist with property division.
In reality, though, people do try to hide assets to keep them away from their ex. It is important to understand how this happens and what legal steps you can take to combat it.
Putting money aside
In some cases, it is very simple. Someone might get a safe deposit box and begin stashing aside $100 every time they go to the ATM. Another potential tactic is to buy gift cards and put them in the safe deposit box. Essentially, they are just creating a fund that they plan not to disclose to the court so that they can keep 100 percent of it.
Giving money away
Another tactic is to give money to someone else with the understanding that the person will give it back after the divorce. For instance, maybe your spouse says that they decided to pay back an old loan to their parents that they had forgotten about. Was there ever a loan, or are they just transferring $10,000 to their parents to keep it out of property division until the divorce is finalized?
Undervaluing assets
In other cases, the assets are disclosed, but the value may not be authentic. Maybe your spouse is an art collector, and they say that the total value of their art collection is $100,000, when they know that the actual value is closer to $1 million. They are hoping you do not have a professional valuation done before the divorce.
These are certainly not the only tactics people use, but they are just a few examples to show how this happens. Take the time to look into all of your legal options if you find yourself in this position.
