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Spouses may hide assets: Know where to look

| Feb 16, 2017 | High Asset Divorce |

When you’re going through a divorce, one of the things you may have questions about is whether your spouse is hiding assets. Financial issues are a concern during divorce, and it’s not unusual for couples to fight over them. It’s also not uncommon for spouses to hide assets from one another.

When one spouse hides assets, the other spouse may have trouble finding them during divorce. That’s why many people turn to attorneys who specialize in discovering hidden assets or financial documents. Commonly hidden assets include bonds, cash, insurance policies and annuities, gun collections, paintings, collection pieces, travelers’ checks and more.

There are a few ways to hide assets, but most people either give them to a third party temporarily or place them under a family member’s name. Sometimes people use safety deposit boxes under another person’s name to hide assets.

Hiding funds is also possible if a person suddenly pays off a large debt, for example. Payments to friends or family members that they suddenly “owe” money to can be a way to conceal their assets, too. In some instances, individuals with businesses hide their assets in the corporation.

Another thing to watch out for is a spouse who is delaying a raise or bonus until the divorce is finalized. Sometimes, employers will work with them to delay payments, but that hurts the other spouse who should be entitled to a shared portion of those assets.

Our website has more information about divorce and what to expect. With the right support, you can make sure you get what you need out of your marriage.

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The Law Office of Forrest & Forrest, PLLC represents individuals in Fort Lauderdale in high-asset divorce matters. Daniel Forrest is board-certified family lawyer and mediator serving the South Florida area.

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