Asset transfers as a means of hiding those assets

by | Apr 19, 2019 | Firm News, Property Division |

Do you worry that your spouse is going to attempt to hide assets when the two of you get divorced? Maybe you think they do not want you to get your fair share, and maybe they have told you as much. If they’re willing to break the law, what great lengths could they go to?

One of the most common ways that people do this is simply by transferring assets. These transfers put the assets in unexpected places, the courts overlook them, the individuals lie about them, and you do not get what you deserve.

For instance, your spouse may work overseas. While on a business trip, they could open up an account in another country. They could then start funneling money through their company and into this other account. When you go to divide assets, the money appears to have disappeared, and they simply do not disclose the existence of the overseas account.

Another way this works is when they simply “give” assets to friends or family members. Examples could include expensive pieces of artwork suddenly given away as gifts or “business loans” given to family members who never talked about starting a business before. In both cases, your spouse is probably just banking on getting the assets back from those friends and family members after the two of you officially split up. They just want to make it look like they have less when they go to court so that you don’t get as much.

If this happens, rest assured that it is illegal. You need to know what steps to take to put a stop to it and protect your rights.


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