One potential problem that occurs in some divorce cases is that one spouse tries to hide assets from the other. This is done when the court asks for a full disclosure of all assets, so it is a violation of that rule and an illegal act. But it still happens a lot because people are seeking to deprive their soon-to-be ex of financial assets.
If you’re worried that your spouse is going to do this, you need to know how to uncover these assets. This starts with understanding how they may hide them and how you can look for evidence that they’ve been doing so.
Checking electronic bank statements
The first thing you want to do is go back over your electronic bank statements and look at any transfers and withdrawals. These records are permanent and you should always be able to access them. Your spouse may simply be counting on the fact that you wouldn’t notice that money was removed from the account and you would just consider the current balance.
For example, some people will attempt to hide money by giving it to a friend. This works if you just look at the balance in the bank account, but it is easily exposed if you see a withdrawal transaction for an unexplained amount of money. That may not tell you exactly where the money ended up, but it at least shows you where to begin looking.
Considering online investments
Another thing to think about is that people have started using cryptocurrency and other forms of online investing to hide money. Once again, you may see evidence of money being moved into these accounts, even if you did not know that the accounts existed. A cryptocurrency wallet may exist overseas or online, but it still has to be funded with currency from your spouse’s accounts.
There are many different tactics
One thing to remember is that there are a lot of ways that people hide assets. Some people take small withdrawals from the ATM and put the money in a safe deposit box. Other people will turn down promotions and raises at work, opting to take them after the divorce. Still others will buy assets and then undervalue those assets, making you think they’re worth far less than they really are.
No matter what your spouse tries to do, be sure you know about all of your options to uncover what you deserve.