When going through a divorce, you already have enough difficulties to work through. Unfortunately, the stress you face can cause significant distraction and a particularly devious spouse may try to capitalize on that.
This is where you may run into issues with asset hiding. What is asset hiding, how does it impact you and your finances, and what can you do if faced with it?
Look for physically hidden assets
Forbes takes a look at how to find hidden assets during divorce. Asset hiding is the act of falsifying how many assets (money, property, items, etc.) a person has. The goal is to prevent the spouse from gaining an equitable share during divorce, thus keeping more assets than they should have.
First, know where people often hide assets. In some cases, they may physically hide assets like cash in their car, office or other personal space. It is also possible to hide assets in the form of large, valuable purchases like vehicles or electronics. They may plan on returning the item or selling it to gain the money back after the divorce.
Be wary of debt repayment
Keep an eye out for sudden debt repayment, too. They may claim they are repaying debts owed to a coworker, friend or family member. In reality, this person will return the money later. Finally, note that if your spouse owns a company or business, they may create a false employee to write checks to knowing that the payment will go nowhere.
If you suspect your spouse of trying to hide assets, you can potentially hire a financial forensic specialist to look. Contact legal help to delve further into your options.