If you are about to divorce and suspect your spouse has been hiding assets, then tracking them down will be crucial. Otherwise, getting a fair division of property and a fair amount of child support or spousal support (if applicable) may be difficult.
The following are three places to consider looking.
1. Money or assets moved to friends or family
Spouses keen to hide assets often use their friends or close family members to aid them. They give ownership of assets to them or pass money to them under some guise. Examples could include purchasing a new car, but registering a friend as the owner or transferring money to a friend, to “repay a debt” that does not exist. In both cases the receiver can transfer the asset or money back to the spouse once the divorce is over, thus helping their friend keep this asset out of the divorce.
2. Money or assets moved into undisclosed trusts
If your spouse puts money or assets into a trust you don’t know exists and they don’t declare, then getting a share is unlikely. In some cases, it can be difficult to get a share even if you know the trust exists. Some states and offshore regions specialize in offering trusts that are hard for anyone else to access.
Cryptocurrency, too offers complex security protection to make it difficult for others to trace or access wealth invested in it.
3. Around the house or office
Some people hide money in a more simplistic way. They take a chunk of cash and put it in a place they consider their spouse won’t find it. This could be a safe in the garage, a locked drawer in their office, or even a hole in the garden. Others hide the money in plain view in the form of artwork or other collectibles their spouse does not understand the value of.
Legal guidance can assist in finding hidden assets during the divorce process.
