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Where do spouses often hide assets?

On Behalf of | Feb 19, 2021 | Divorce |

When going through a divorce, handling assets is one of the biggest matters you will face. The more assets you have, the longer it will take to work through this process. Unfortunately, some people may take advantage of this confusion and attempt to hide assets.

If you suspect your spouse is hiding assets, there are several places you can start your search. They have a higher rate of use than other means.

Physical hidden assets

Forbes discusses the potential common areas in which you may find hidden assets. First, keep an eye out for actual physical cash. Sometimes, a spouse may use a lockbox or other safe to store money that they do not intend to report. Sometimes, this hidden cash is right under your nose. Other times, your spouse may hide it in their car, office or personal space.

Beware of any repayment of debts to friends or family members. Sometimes, a spouse will work together with people they are close to to cheat you out of your deserved share of assets. Your spouse will pretend they are paying a loved one back. This person then holds on to the money for them until after your divorce, at which point they return it.

Expensive purchases

Assets may also end up hidden in expensive purchases. This follows a similar train of logic. Instead of getting money back from loved ones, your spouse just returns the expensive item to get their money back. This can include cars, fine art or jewelry, and expensive electronics.

If you notice any suspicious behavior, consider contacting a legal expert and forensic financial expert. They can help you determine if your spouse is truly attempting to hide assets.