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How do people hide assets during divorce?

On Behalf of | May 24, 2022 | Divorce

One thing that people are sometimes worried about when getting a divorce is that their spouse is going to be dishonest and attempt to hide some of their assets. Ashburn families are required to disclose each and every asset that they own to the court as they end their marriage. But this doesn’t mean that everyone does it.

If you are concerned about this, you may be trying to think of ways that your spouse may hide assets so that you can discover those assets and ensure that you get what you really deserve out of the process. Here are a few possible options.

Putting cash in a safe-deposit box

A simple way to hide a small amount of assets is just to stash physical bills themselves in a safe deposit box or some other hidden location. People will sometimes do this by taking small ATM withdrawals each time they go shopping, then putting aside the extra money.

Giving the money to someone else

Another option that people sometimes have is simply to transfer the money to another person who will hold it for them until after the divorce. They may make up excuses for this, such as saying that they’re paying off a loan or giving someone start-up money for a business.

Paying too much on their taxes

One tricky way to hide assets is simply to pay more than is owed for income taxes at the end of the year. The IRS will eventually send the overpayment back via check, but this may happen after the divorce, or your spouse may simply deposit the contents of that check in their own account.

As noted above, your spouse is not supposed to do this, and it breaks the rules laid down in divorce court. If you do find yourself in this position, you need to know your legal options.