When it comes to divorce in the DuBois area, what you do not know can hurt you. You might become so consumed with your emotions that you fail to take actions to protect yourself during the separation process. Your soon-to-be ex-spouse may be relying on you not paying attention so he or she can transfer and hide assets. You may think you know all there is to know about your partner’s financial accounts and assets. However, when divorce comes into the picture, some individuals become greedy and dishonest and resort to extraordinary measures to cheat their partners.
Hiding assets is illegal. It puts the unknowing spouse at a big disadvantage during the divorce negotiations. Knowing if and where your partner is hiding assets is not easy. Review the following information to learn common ways people hide assets in a divorce.
Your partner may give property away to friends and relatives with the stipulations that they must return them after the divorce is final. He or she may even have them hide possessions in their home and claim not to know where those items are. If your spouse runs a business, he or she might transfer assets over to the company.
Large and unusual withdrawals
There is the possibility of your spouse making large withdrawals from joint and personal bank accounts and depositing into accounts you know nothing about or a safe deposit box that is in someone else’s name. You should check your accounts. If you notice odd withdrawals or activity, ask your spouse for an explanation. If he or she cannot provide verifiable reasons, you should consider the possibility of concealed funds. Keep in mind that large purchases can also indicate hidden assets.
Unscrupulous financial behavior
Your partner may not necessarily resort to abusing your joint accounts. He or she may resort to deflating income to lower the amount of money used to calculate alimony and child support. It may be all too simple for people who own a business to lower their pay so their checks reflect less income. They may also postpone bonuses or increase their tax withholding so more money is taken out of their checks by the IRS, which lowers their take-home pay. Also, they might be able to reclaim those funds when they file taxes.
If you suspect your spouse is hiding assets, there are several things you can do to find them. Watch your accounts. Look for bank account withdrawal and deposit receipts. Keep an eye on your partner’s shopping habits. You could also consider hiring a private investigator, forensic accountant or financial expert to help you uncover hidden assets. You can also use the court’s discovery process. If your spouse is hiding assets, you might want to speak with an attorney to learn options.