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Dealing with hidden assets during a divorce

| Apr 14, 2021 | High Asset Divorce |

It’s not uncommon for Florida spouses going through a divorce to want to try and hide assets from the other spouse. They falsely believe that if the asset is hidden during the divorce proceedings, they may retain full ownership of it after the divorce settlement is finalized.

The typical ways of hiding assets

When it comes to the topic of property division during divorce proceedings, it’s typical for one spouse to try and conceal their assets. They will typically do this in one of four fashions. First, they will deny that the assets ever existed, to begin with. Second, they may transfer the assets to a third party, such as another family member or close friend. Third, they may claim that the asset was lost over the marriage. Finally, they may create false debt to help offset the number of assets that the marriage has.

You’ll need a paper trail

Unfortunately, it’s your word against your former spouse’s word until there is a paper trail that documents the existence of assets or a cover-up. It’s always advisable to use the traditional route of looking through all of your paperwork to see if you can find any sort of information regarding the assets. However, spouses that are particularly diligent in covering up their tracks can make it more difficult to do. In these instances, it’s a good idea to take a look at past tax returns. You may find that the hidden assets are reported under various sections, including Schedule A through Schedule E.

The unfortunate truth is that sometimes spouses will try to hide assets during a divorce. Proving that an asset did exist in the first place through documentation is a burden that is left on the other party. If you think that your former spouse is hiding assets from you, it’s a good idea to have a lawyer and perhaps a forensic accountant on your side.

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