The 411 on Hiding Assets While Divorcing | Allan Brandon Tise PLLC, Attorney at Law

Marriage can be a joyous partnership for some. For others, marriage is just not a healthy and happy partnership. In fact, recent reports have shown about 40 to 50 percent of all marriages end in divorce. The process of dissolving a marriage is not meant to be easy, but you can make your divorce less physically, emotionally, and financially stressful. Although already an issue in many marriages, finances can be a sore topic in divorces as well. Whether you are considering hiding assets from your spouse to reduce the risk of financial loss in a divorce or you are worried your spouse is hiding assets from you, this guide and your attorney will help.

There are people who choose to divorce amicably, agreeing on all matters related to the end of the marriage, support, and custody. Unfortunately, many spouses do not divorce amicably, arguing over every single detail, especially when it comes to finances. If you are divorcing and feel you need to hide assets for your own benefit or you are worried your spouse may be considering hiding assets or property from you, talk to your lawyer immediately.

How do you know if your spouse is hiding assets? Learn some of the signs. Bank Statements Pay attention to any bank, investment, and credit card statements that are coming in the mail. This should alert you to accounts you did not know about. When reviewing bank and credit card statements, focus on any cash withdrawals. Large cash withdrawals could stem from your spouse moving cash from one account to another hidden location. Unusual Purchases If your spouse is purchasing valuable items, such as collectibles, jewelry, vehicles, art, or cryptocurrency, even though they have not had a previous interest in these items, they may be buying to sell later on after the divorce is finalized. Hidden Storage Any payments made to the post office may also be a sign your spouse is hiding something. A small payment could indicate they are renting a storage unit, which will be used to store hidden statements, cash, or other assets. If you notice a small charge to a bank, your spouse may be renting a safe deposit box for the same purpose of hiding assets. Lifestyle Analysis Many people choose to work with a divorce financial advisor to conduct a lifestyle analysis. This analysis is important for a few reasons. Not only will an analysis help determine if and how much spousal or child support should be paid, but the analysis can also calculate the household budget, which determines if the income and expenses don’t match, which could indicate hidden assets. Finally, if your spouse becomes defensive when you ask them about different transactions or financial matters, they may be hiding something from you.

One of the most essential facts to remember is that disclosing all of your assets and property information occurs under oath. Therefore, if you are hiding assets or not fully disclosing this financial information, you are committing a form of fraud. In most courts, judges will frown upon spouses who are caught hiding assets. Court rulings may favor the other spouse, which means the spouse caught hiding assets/property will lose a larger percentage of the property they were attempting to hide. If you or your spouse is caught hiding assets, there will be consequences. In some instances, these consequences could lead to criminal charges , such as contempt of court, perjury, and nondisclosure violations. No matter what the specific consequence, hiding assets during a divorce is not worth the risk. From an even higher financial loss to criminal charges and more time and money spent in court, being completely open and honest about your assets and property throughout the divorce is a must. For more information on filing or navigating the divorce process, contact Allan Brandon Tise, PLLC, today.