When going through divorce, diving assets is one of the most difficult parts of the process. The more assets you have, the more complex the process. In all of the confusion and paperwork, your spouse may attempt to take advantage to hide assets.
Thus, it benefits you to know where they may hide assets. That way, if you suspect they are not being upfront and honest, you can investigate for yourself.
Common hiding places for assets
Forbes discusses finding hidden assets during the divorce process. No matter the situation, many people hide assets in similar ways. The most common ways of doing so include:
- Claiming false debt
- Claiming lost assets
- Denying the existence of the assets
- Transferring assets to a third party
People invent any excuse they can to pretend they have fewer assets than they really do. This allows them to cheat you out of your fair share. Unfortunately, it is sometimes difficult to track down the hidden or missing assets. This is particularly true if the assets come in cash form.
Red flags that point to hidden assets
Most people also display some red flags if they hide assets, though. For example, your partner might seem dodgy when you ask questions about their finances. They may avoid answering questions directly or skirt around the topic any time it arises.
They may also leave a trail of breadcrumbs throughout the year. For example, records of itemized deductions and capital gains or losses may point to assets you did not know existed.
In these situations, it can help if you have the aid of a legal expert. They can help you sort through financial records to follow red flag trails. This way, you can get the share of assets you deserve.