Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To Choices Your Expert Guide Through Changing Times
Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To ChoicesYour Expert Guide Through Changing Times
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How may a spouse hide assets?

On Behalf of | Aug 27, 2022 | Divorce |

Dealing with asset division is difficult enough when a divorce on its own already causes so much stress for everyone involved.

Unfortunately, some people simply do not want to share their assets with their spouses. Because of that, they may attempt to hide them, creating a headache in the process.

Naturally hidden assets

Forbes talks about some assets you should not overlook in the event of a divorce. It mentions some of the assets thought about less often like airline miles, safety deposit boxes, country club memberships and more. Simply because these things are often “out of sight, out of mind”, spouses may try to hide them in a passive way to get away with not having to divide them.

Intentional asset hiding

Of course, spouses may also take more aggressive actions to hide assets, too. This can include transferring assets. Often, this occurs when a person buys expensive, big-ticket items like cars or electronics with the intent of selling them or returning them to get their money back after the divorce.

In more recent years, people have used cryptocurrency in the same way. They will invest in bitcoin or other forms of cryptocurrency and then keep any profit made for himself or herself. They may also transfer their bitcoin back to other assets without ever sharing it with their ex-spouse.

Misrepresentation and lying

Other methods of asset hiding involve lying and false payments. For example, someone running a business could pay a fake employee and pocket that money. Another person may say they have to repay a debt to a friend, when in reality the friend just gives back the money after the divorce.

All forms of asset hiding are illegal, and anyone dealing with the possibility should consider their options.