In a high-asset divorce, it is important to stay alert to the chance that your spouse might hide money or property. Divorce cases often reveal secret financial assets that one person may try to keep hidden.
To ensure a fair division of property, it is important to understand the various methods by which a spouse may hide assets during a divorce.
Business assets
One strategy your spouse might employ is hiding assets within their business ventures. This could involve undervaluing the business, overstating expenses or funneling funds into dummy corporations. By manipulating financial records, they may obscure the true value of their business interests, thereby reducing the marital assets subject to division.
Offshore accounts
Offshore accounts present another avenue for hiding assets from scrutiny. Your spouse might transfer funds to overseas accounts in jurisdictions with strict banking secrecy laws, making it challenging for you to track or access these assets. Offshore entities can serve as a means to conceal wealth and evade detection during divorce proceedings.
Real estate investments
Real estate can be a sneaky way for your spouse to hide assets. They might give properties to family or friends, making it look like they do not own them anymore. They could also say the properties are worth less than they are or put fake debts on them, making it seem like they are not valuable when looked at on official papers.
Valuables and collectibles
Valuables such as artwork, jewelry or collectibles are tangible assets that can be easily hidden or undervalued. Your spouse might underreport the value of these items or transfer ownership to third parties to keep them out of the marital estate. If you do not examine these assets closely, they might go unnoticed during the divorce.
By understanding the common avenues used to hide assets, you can better protect your interests and ensure a fair division of property.
