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Divorce gets complicated if a spouse is hiding assets

| Oct 29, 2020 | High Asset Divorce |

Whether you and your spouse were married for decades or you were still in the first 10 years when you decided to go your separate ways, you knew there would be financial issues to resolve in order to achieve a fair settlement in a Kentucky court. The word “fair” is of primary concern because you’ve worked long and hard to acquire wealth and want to make sure you walk away with everything you’re entitled to own.

If you suspect your spouse is trying to hide assets in divorce, it can escalate into a serious problem, especially if you don’t know what to do about it or where to look to uncover the hidden assets. Hiding assets in divorce is illegal, so the law is on your side, and there are several proactive steps you can take to protect your interests.

Investigate your hunch regarding hidden assets in divorce

During marriage, you likely encountered challenges in your relationship where you decided it was easier to overlook your partner’s faults rather than become entangled in an argument. During a divorce, however, there are certain things you do not have to overlook, such as a strong suspicion that your ex is trying to beat the system during property division proceedings. The following list shows where you’re most likely to uncover hidden assets:

  • In a new P.O. box or safety deposit box
  • In a bank account opened for a minor with your spouse’s name as the adult on the account
  • In the hands of a friend or family member who has agreed to hold onto cash until after the divorce

Your spouse may also try to hide assets through other methods, including any of the following:

  • Requesting to delay a bonus or commission at work
  • Overpaying on credit card balances or taxes
  • Funneling stocks and bonds investments profits into a secret account
  • Understating the value of certain assets
  • Denying that certain assets exist

Especially if you’re a person who tries to avoid confrontation, you might be tempted to convince yourself that it’s all in your head or that your spouse would never do such a thing because he or she wants a fair settlement just like you. It’s always best to inquire about issues that concern you, at least to rule out hidden asset problems and to give yourself peace of mind.

What if you confirm your suspicions?

It can be emotionally traumatic to realize that the person you were once married to was willing to engage in illegal activity to try to gain the upper hand during property division proceedings in a divorce. If this happens, it’s best to try to remain calm and to remember that you’re not alone in your struggle. You can reach out for support to help you resolve the problem.

Many people build a support network comprised of private investigators who can do the heavy leg work to locate hidden assets and experienced attorneys who know exactly what to do with the information to protect their clients’ rights.