Divorce is rarely easy. You may experience significant challenges, including issues when it comes to property division and marital assets.
If your spouse is hiding assets, you may not even be aware of it. Not only that, but the court won’t include them in the property division process. If you want to ensure that you get a fair amount of your marital property, you need to know if your spouse is hiding assets and how to find them.
Not reporting property
One of the most common ways that assets are hidden is by not reporting property in the home. For example, collecting vintage video games, artwork or buying thousands of dollars worth of high-end clothing each month all adds up.
If your spouse does not include these things as part of their asset inventory, you won’t get a share of them. They may also undervalue them.
Giving money or items to family and friends
Sometimes, your spouse may give money or other valuable items away to family and friends during a divorce, with the expectation of getting them back once the process is complete. If they do this, then the items won’t be reported, and you won’t get a share of them.
Hidden accounts
Your spouse may try to open checking or savings accounts you don’t know about. Be sure to watch your mail and email to see if you get statements from unknown banks or financial institutions. This is a sign that your spouse may be hiding money from you.
Getting a fair portion of property and assets in a divorce
Even if you think your spouse would not try to hide assets, it is always best to be safe and check some common ways this happens. Knowing all the assets included in your marriage is essential to getting a fair amount in your divorce.
