Property division talks are some of the more contentious matters you may have to deal with as you divorce. A spouse’s attempt to hide assets can make matters far worse, though.
Spouses who do hide assets generally do so because they can’t fathom turning over assets to their spouse as part of the equitable distribution of property here in Ohio. What are some ways in which you can determine whether your spouse is hiding assets from you?
What are some assets that your spouse may be hiding?
In recent years, spouses have increasingly gravitated toward not sharing joint credit cards or bank accounts or, in some cases, even telling each other how much they earn. Each of these factors makes it challenging for spouses to know very much about each other’s finances. This makes it easier to hide assets.
Your spouse could have investments, collectibles in storage, rental homes, various businesses, stashes of cash somewhere or a sizable life insurance policy that you know nothing of.
How do spouses tend to hide assets?
If you’re suspicious about your spouse having hidden assets, then you might want to reflect back on their behavior in recent months or years.
Do you remember a conversation in which they seemed to have expansive knowledge about cryptocurrency? Do you remember jewelry going missing or your spouse selling off (or acquiring) valuable artwork, collectible cars or antiques? Your spouse may have sold items off to build up their stash of cash or acquired them to hide funds. Your spouse might have also opened an account in your child’s name and put assets in it to hide them from you.
You should take a close look at your joint tax returns. It will show you their income, including their base pay and bonuses or commissions. They may reveal a lot about any investments they may have or businesses they may run.
Uncovering hidden assets is key to you getting a fair shake in your divorce. Take time to learn more about the assets they may be hiding and where to look for them. It’s key to you moving forward on a good financial footing after the settlement of your divorce.