Dividing assets in a divorce determines what your lifestyle and resources will look like as you start your new chapter. Thus, ensuring it is a fair process is crucial. Unfortunately, this can’t happen when someone conceals money or assets.
If you are worried about your ex hiding property or misrepresenting finances, it can help to know where to look to uncover them.
Common places people hide assets
While hiding money or property to shield it from division is illegal, plenty of people still attempt to do it. And getting tips for how to do it takes little more than a quick search online for articles like this one, which describes how to hide money from a partner.
Some of the common ways people hide assets include:
- Opening a separate, secret bank account
- Giving money or property to friends or family as a “gift”
- Overpaying taxes
- Delaying bonuses or raises
- Hiding valuable property in safety deposit boxes or storage units
- Misrepresenting business valuations
- Moving money to offshore accounts
In some cases, you could uncover these tactics yourself by examining your financial records. In other cases, consulting professionals like forensic accountants can help you investigate and get the accurate picture you need in your divorce.
Why is concealing assets bad?
Hiding assets during a divorce and lying on legal documents is illegal. If your ex does this, they could face repercussions like having to pay your legal fees, receiving less in the divorce and even criminal charges, in some cases.
Additionally, being dishonest can derail or make impossible any amicability there may have been left between you and your ex. It can mean you wind up in court, not mediation; it could make it impossible to negotiate a fair settlement; it could even hurt your former partner’s reputation in the eyes of the court and even your loved ones.
Knowing all this can make it easy to see why honesty and full disclosure is critical during a divorce. If your ex fails to recognize this, they can and should face the consequences.