Finances are a central issue in any divorce, but what happens when your spouse decides to hide assets to avoid giving you your share? According to the National Endowment for Financial Education, spouses hide assets in 2 out of 3 marriages, which is an astounding number. If you suspect your spouse is hiding assets, these are a few of the most common places to look:
- Joint bank accounts: The easiest place to look for hidden assets is in your joint account. Pay attention to wire transfers, large withdrawals, and unrecognizable payments.
- Art, antiques and other overlooked purchases: Items such as expensive furniture, art, and antiques may get overlooked, but they could be carrying a sizeable chunk of your funds. Any new, significant additions to your spouse’s collections may be of interest.
- Hiding spots: Yes, this may seem obvious, but hiding spots around the house are common places to store cash, checks, and other assets. Typical hiding places include cabinets, dresser drawers, closets, mattresses, floorboards, and safe deposit boxes.
- Business expenses: If your spouse owns a business, they may wait to charge clients for services until after the divorce. Your spouse may also be paying fake employees or double-billing items they are purchasing to keep the profits.
- Delayed bonuses: Keep an eye on bonuses or raises your spouse receives at work. They may try and delay them from materializing until after the divorce to avoid splitting the cash.
- Unreported income: If your spouse is involved in a cash business, they may pocket the cash without reporting it on their tax return and other financial statements. This suspicion may be worth pursuing if your spouse always has cash on them.
If you believe your spouse is hiding assets, contact please contact me, the Westlake Village family lawyer at the Law Offices of Jeffrey S. Graff today. I understand the difficulties of navigating a divorce, which is why I am are here to provide you with the personalized legal solutions you need.
Call (805) 633-4999 or contact me online to schedule a free consultation.