During a divorce, your spouse may attempt to hide assets to keep them from you. This is not legal, but it does happen, especially when there are a lot of assets on the line and when one spouse has more knowledge about the couple’s financial picture than the other.
Now, your spouse may get very creative if they try to do this. It depends how much time and effort they put into it and how much they’re trying to hide. However, experts say that most people do one of four things:
- The create fake debt in order to make the assets they control appear less significant.
- They claim that they lost an asset that they used to control.
- They simply deny that the assets existed in the first place.
- They give the assets to someone else, allowing the third party to take ownership — likely on a temporary basis.
For example, perhaps you and your spouse own a family home, a vacation house on the beach and a hunting cabin. Your spouse claims the first two assets, but he or she gives the hunting cabin to a brother before filing for divorce. It’s not a property you have ever even visited, so your spouse is hoping you’ll just forget it existed. After the divorce, the plan is for your spouse’s brother to give it back.
The same thing can be done with money, cars, business assets and much more.
This is why you have to know your legal options during a high asset divorce. You must accurately address all assets and fight for your fair share.