When you and your spouse get divorced, you are supposed to tell the court about all of your assets, and the court will then help you divide them properly. In some cases, couples will decide how they want to divide their assets on their own, and then the court will simply sign off on the agreement and make sure that it adheres to state laws.
However, many people in high-conflict divorce cases worry that their spouse is going to try to hide assets from them. Here are a few ways they might do it:
Starting their own bank account
Some people will simply funnel a portion of their earnings into a different bank account every month. For example, perhaps your spouse got a raise years ago and never told you. They’ve been setting all of this money aside in case you ever get divorced – but it’s still a marital asset.
Giving assets to a friend
But they don’t have to have a bank account to get rid of the money. They can also give it to a family member or a friend. If you don’t know that they’ve done so, you might not even realize that those assets aren’t being divided. After the divorce concludes, the other person can then give your ex that money back.
Taking small amounts of money at a time
People often try to hide assets by using cash back to take small amounts repeatedly. For instance, they may know that taking thousands of dollars out of the bank would raise red flags and you’d notice that they removed the money. But they could spend months taking $50 in cash back every time they make a purchase at the grocery store, and that may go undetected.
If you are worried that your spouse is going to hide assets, it’s imperative that you understand your legal options to get what you’re fairly due.