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Where your spouse is likely hiding assets as you look to divorce

If you grew accustomed to living a relatively comfortable lifestyle while married to your soon-to-be ex, then you likely will want to continue to do so once you divorce. Oftentimes, though, it's not possible because your spouse may have hidden some of his or her more valuable assets, making it impossible for you to enjoy the quality of life that you've long enjoyed.

Although it's both illegal and unethical to hide assets during a divorce, it happens all the time. Some of the more common ways spouses do this is by storing away hard cold cash in a safe, a drawer, a buried vault in the yard or a safe deposit box, either at home, the office or somewhere else.

In other cases, sneaky spouses will buy small, yet valuable additions to a collection, such as antiques, stamps, jewelry or coins that can later be sold for cash.

Your spouse may also agree to postpone receiving payment on a contract or to defer either a bonus or commission if a divorce settlement is still being litigated. They may also overpay creditors or tax authorities with the expectation of a refund of the overage will not be issued until the divorce has been finalized.

A spouse may even create "fake loans" or transfer stocks to friends, colleagues, business associates, family members or another business under just his or her control. If he or she does, it's likely that their expectation is that they can easily recover the money or shares post-divorce.

Even despite the risks associated with doing it, some spouses will purposefully omit income on financial disclosures or tax filings as well.

If you suspect that your spouse is hiding assets from you as you're looking to end your relationship, then a Fort Myers high asset divorce attorney can advise you of options that may be helpful in uncovering them.

Source: Forbes, "Divorcing women: Here's where husbands typically hide assets," Jeff Landers, accessed Nov. 03, 2017

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Thompson Family Law, P.A.
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