You may have heard about spouses who hide assets in a divorce. Perhaps your friends or family told you to watch out in case your spouse tries it with you.
People hide assets to avoid including them in the property division process during divorce. They might do it at the last minute or have done it years ago in preparation for when the time was right to file for divorce.
If you have ever played hide and seek, you will know that some of the best hiding places are right under people’s noses. Many people certainly do use complicated offshore or out-of-state trusts and other financial mechanisms to hide assets. Some even move assets to another world entirely – the virtual one of cryptocurrencies and NFTs. Yet many people keep it far more simple and local. Here are two places to consider if you suspect your spouse is not detailing the full extent of their assets:
Around the house
Your spouse could have stored money in a safe in a hole in the garden or in a corner of the garage, where you never set foot. Yet often, it is more subtle. Think about all the belongings in your house that you do not know much about but your spouse does. Is that old painting they said they picked up at a yard sale actually the work of a renowned artist? Is that cheap Chinese reproduction vase their aunty left them actually an original?
With the people around you
Maybe the new boat in the yard supposedly belongs to your father-in-law (who, as far as you are aware, does not like sailing). Or maybe your brother-in-law just managed to buy a piece of land down the road, despite recently telling you how broke they were. Could it be your spouse provided the money for those purchases and only registered them in family members’ names to keep them from you?
If you are unsure about your spouse’s honesty, consider legal help to search for hidden assets so you get your fair share in your divorce.