Photo of attorneys at Conlon & McGlynn LLC
Photo of attorneys at Conlon & McGlynn LLC

Exceptional Representation Customized To Fulfill The Unique Needs Of Your Family

Some of the ways in which a spouse hides marital assets

On Behalf of | Nov 18, 2021 | Property Division |

It has come to this. Your marriage is ending. Now, because of your immense distrust of your estranged spouse who regularly hid things – think extra-marital affairs and assets – you are forced to turn over every stone to uncover those assets that also belong to you.

He or she could be clever during your marriage, and that cleverness spilled into so many things in surreptitious ways. Now, your spouse continues those sneaky ways in doing his or her best to hide certain assets from you. As a result, you need to act like a detective. In what ways has your spouse resorted to hiding assets? Many ways exist.

Help of friends, spending on affairs

In some divorce cases, spouses will hide certain assets. Some of the approaches they take include:

  • Teaming with friends and relatives. These parties may be willing to help the spouse hide assets. Investment certificates, Series EE savings bonds and cash may be secretly stashed in their homes or in a family member’s safe deposit box. Another method is repaying non-existent debts to relatives, so make sure to carefully check financial records.
  • Asset transfers made to accounts in the names of relatives, friends and corporations.
  • Transferring assets into custodial accounts associated with your children’s social security numbers.
  • In collusion with an employer, a person may postpone any raises or bonuses until well after a divorce is final.
  • Dissipation of assets by lavishly spending money for things associated with an extra-marital affair. Your spouse may spend the money on gifts, apartment rental, travel expenses, lessons as well as tuition for a paramour.

It may take some time to uncover all the marital assets. Be thorough. You may even consider retaining a forensic accountant for assistance. Such a professional usually has seen every dirty trick used in attempting to hide marital assets.