A divorce is a challenging situation, complicated by a range of emotions and state regulations. When the tensions are high, it also seems unfair to share custody of children or split financial assets.
In some cases, one spouse will try to hide certain assets from the other, hoping to keep them from distribution by the court. These are some of the sneaky ways assets get hidden during a divorce.
1. Making large purchases
If your spouse starts making large, expensive purchases, it is okay to think suspiciously. Paying cash for these items makes them easier to hide or undervalue for a potential resale after the divorce.
2. Paying off private loans
A sudden need to withdraw a significant amount of cash to pay off a private or personal loan from a family member or friend may indicate something sneaky. Ask for documentation on the loan amount and items purchased, as many will simply ask a friend or family member to hold the money until after the divorce.
3. Refusing or delaying promotions or bonus payouts
If your spouse is due for a promotion or is on the brink of a bonus, but the money or position does not materialize, a conspiracy may keep the event from happening until after the divorce. Although difficult to prove, it is possible to question the boss under oath during court.
Hiding assets is against the law and can lead to severe consequences. Be honest about your assets and be in tune with what the other spouse is claiming in court.