Hiding assets in divorce…!! Heard of this very often right!!! If we take a look at the bigger canvas, then what we get to see is, despite the fact that hiding money and assets during a divorce is illegal and unethical, lots of people do so as a result of the guilt or anger or the betrayal that one experiences. When I say this, I may sound a little awkward but this is what most people do than we can believe.
But little do they realize the fact that hiding assets can in turn cause delay in the court proceedings and if by ill luck, the assets are discovered, which is most likely to occur, then another case could be framed against the guilty, that could even continue for years. So, it is never advised to hide your assets. If you want to resolve the issue at the earliest without any interruptions and diversion, then it is best to step forward and be truthful.
If your spouse hides any of his assets, then how would you identify it? What are the steps you need to take to find out what your spouse is doing under cover? Remember that you can only get a fair amount in the settlement, if you are well aware of your spouse’s money and assets. Here are a few tips, which will help you to find out, whether your spouse is hiding his assets or not.
5 tips to identify it:
1) The first thing to do is you must act like some sort of a detective. Try to get an access on your spouse’s financial status. Gather as much information as you can as far as the bank statements, tax returns, brokerage account statements and other relevant information is concerned. Keep a Photostat copy of all these documents.
2) Keep a close check on your shared property. Usually, the spouse who earns more, very often tries to hide the assets. So, if you do not keep a close eye on it, then it may be very easy for your spouse to get away with it.
3) Keep a close check on the salary slip of your spouse. See to it, that there is no dramatic fall on the income of your spouse, if you see such changes then consult your attorney and advise him to find out if your husband is hiding any of his assets.
4) Keep yourself well informed from time to time about your spouse’s financial statement. Do not skip any post that comes to your house. If the posts have stopped delivering then most possibly your spouse does not want you to know about his financial status.
5) Check if any of the stocks have been sold suddenly, without your knowledge, or any of the joint bank accounts have suddenly disappeared. Also, keep a close eye on your spouse’s weekly ATM withdrawal or is he running short of money very abruptly.
However, there’s no way through which you can find out in advance, whether your spouse is going to hide his assets or not. But you can surely try and prevent your spouse from hiding it by knowing in advance about the assets and properties, that your spouse possesses. Make a copy of all the documents, tax returns, and also make a list of all the antiques and jewelleries that are in your house.
If you do not gather adequate knowledge and information about your spouse’s holdings, then you may even lose thousands of dollars. Choice is yours, whether you want to take the chance or not..!!!