One of the most contentious parts of a divorce is the division of assets. This can be particularly true when there is a lot of money and property on the line. In these high-asset divorces, a comprehensive and accurate accounting of assets will be crucial in ensuring that the division of marital assets is equitable, or fair.
However, there are spouses who would rather protect their own interests than comply with Florida laws. These people try to hide assets to shield them from division. As an individual – especially one dealing with the emotional complexities of divorce – it can be very difficult for you to know where to look and what to look for in order to track down any hidden assets. In this post, we will look at some of the more common ways and places people conceal assets.
- Accounts that they do not tell their spouse about: This includes private bank accounts and individual credit card accounts. These undisclosed accounts make it fairly easy to make big purchases or hide money without anyone else knowing.
- Business transactions: If one spouse is the high earner because he or she owns a business, he or she might conceal money by hiding it in their business. As noted in this AOL Finance article, the person could misrepresent earnings, expenses or delay invoicing clients.
- Giving it away: Some people simply give money or assets to friends to “hold” until a divorce is finalized.
- Making big purchases and then hiding them: Before the divorce process gets underway and finances are frozen or scrutinized, a person might take the opportunity to withdraw or spend large sums of money and spend it on things like jewelry, cars or other assets that could be stashed away.
- Converting money to Bitcoin: A person could easily overlook this digital currency since many people don’t know about it.
These are just some ways a person might try to hide assets or misrepresent their finances to try to protect them from distribution. But make no mistake about it: hiding assets is unlawful and it can come with some serious penalties. If you have concerns or questions about hidden assets in your divorce, it is crucial that you discuss them with your attorney.