You should not hide assets if you’re getting divorced. The court is going to ask you and your spouse to disclose the assets that you own. You should do this truthfully and honestly, to the best of your ability.
That being said, people do try to hide assets frequently, often because they don’t want to split those assets with their ex. It’s important to be aware if your spouse is doing this so that you can discover the assets and get your fair share. Here are three ways your spouse might do it.
Taking cash withdrawals
In some cases, people who have been planning on divorce for a long time will simply take small cash withdrawals, such as getting cash back on a debit card. They will then store this money in a safe deposit box where it is “off the record.”
Opening their own accounts
In other situations, people will open new accounts that they don’t tell their spouse about. An example could be an overseas bank account or simply a personal credit card.
Manipulating their income
If you’re not sure exactly how much money your spouse earns, they may try to manipulate their income. For instance, they could try to delay bonuses, promotions, or commissions until after the divorce. If your spouse earns cash income on the side, they may simply not report it and hope that you don’t know that it exists.
These are just three examples, but the key thing to remember is that neither you nor your spouse should be hiding assets during divorce. If you believe that your spouse is doing so, then you need to focus on all of your legal options at this time.
