Stolar And Associates
  1. Home
  2.  | 
  3. Asset Division
  4.  | Where might someone hide assets during a divorce?

Where might someone hide assets during a divorce?

On Behalf of | Nov 10, 2021 | Asset Division

People do a lot of things during a divorce that they wouldn’t do under different circumstances. Some people say things they don’t mean because they are hurt; others make unwise decisions when they are scared. One of these poor decisions could be to hide assets.

Even though hiding assets during a divorce is illegal, some people do it to try and shield them from the division process. Knowing where to look for hidden assets can help you get a fair settlement.

Where you can start looking

Depending on how financially savvy a person is, people’s methods to hide assets can vary widely. Some of the more simple ways people hide property include:

  • Moving money into secret bank accounts
  • Removing physical property from the home or garage
  • Giving property or money to a friend as a “loan” or to keep until after the divorce
  • Buying prepaid credit cards
  • Accumulating cash on hand and failing to report it in financial documents

Some of the more complex ways people hide assets could involve:

  • Moving liquid assets to offshore accounts
  • Putting property into a trust
  • Deferring salary increases
  • Overpaying taxes
  • Transferring money to cryptocurrency accounts

Regardless of how complex the approach to hiding assets is, it can still be illegal and create problems for the person concealing property.

When to call in the professionals

Doing your own investigation may or may not uncover missing assets or funds. In either case, working with professionals can be wise if there remain questions about whether there could be more assets unaccounted for or the value of hidden property.

Under these circumstances, parties can work with forensic accountants to do a more thorough investigation. They can be especially important if there are business assets, generational wealth and complex properties to evaluate.

When people do not take these steps to examine their finances, they may exit the divorce process with less money than they deserve. And while it may not seem like a major concern initially, the fact is that hiding assets is illegal and dishonest, and it robs a person of the fair property division settlement to which they are entitled.

Our Blog

Share This