One of the biggest issues during a divorce relates to property and asset division. While you may be upfront and honest about all your assets, there are situations where you may not be able to count on your spouse to do the same.
Sometimes, your spouse may attempt to hide assets to prevent them from being part of the divorce settlement. Knowing some of the most common ways this is done can help you get a fair settlement.
1. Putting money in a safe deposit box
Sometimes, your spouse may put money in a safe deposit box and hide it in the house or elsewhere. Consider where your spouse may go and what they may do. Does it seem like they have assets somewhere that aren’t accounted for? If so, it may be time to investigate some of these locations.
2. Underreporting on financial statements
Your spouse may underreport their money on financial statements or tax returns. This is common for business owners and others who are self-employed. If the income or asset is not reported, it can be divided into your divorce.
3. Overpaying bills
Has your spouse been overpaying credit cards, the IRS or other creditors? If so, they can receive a refund later, which means this is money that isn’t part of the property division process in your divorce.
Getting a fair divorce settlement
Unfortunately, hidden assets are extremely common in divorces. If you believe this is something your spouse is doing, it’s a good idea to investigate the situation further. Sometimes, hiring a forensic accountant to help with this is beneficial. Knowing your rights and legal options will help you get a fair divorce settlement.
