Florida residents may be interested in an article detailing some of the ways that a spouse can hide assets in a divorce. The article also touches on how information on these hidden assets can be found.
One common way to hide money from a spouse during a divorce is to give an interest-free loan or gift of cash to a family member or friend. This removes that sum of money from the equitable division of property. The money is then returned to the spouse after the divorce is final. To discover these gifts and loans, bank accounts should be scrutinized for any large withdrawals or transfers. Additionally, if a spouse is claiming to have paid off a large debt to such a family member, documentation for that debt needs to be provided.
Another way to conceal assets in a divorce is to claim that they were purchased prior to the marriage. This separately owned property would then be outside the marital property division. However, documentation of the purchase date should be provided in order to make this determination. If the spouse has applied for any loans, the applications may include a complete list of that spouse’s assets. This is done to get the best interest rate possible, but can sometimes reveal assets that would otherwise be concealed by that spouse.
Dealing with the division of marital assets can be difficult, as asset valuation and splitting up property can present serious issues. When a spouse is hiding assets, this can make the process even more complex. An attorney who has experience in this area may be able to secure the right documentation and know where to look to find this hidden property.
Source: NJBIZ, “Industry Insights: Discovering hidden assets in divorce“, Angela Scafuri, April 21, 2014