4 Ways Your Spouse Can Hide Assets in a Divorce
Everyone knows a divorce can be a tricky adventure once you get into the courtroom. We often do not know the true colors of an individual until we become involved in a divorce and legal proceedings have a way of making people do things that you never imagined they might do to you. Besides keeping an eye on your cash, it can also be helpful to keep an eye on your in-laws and any other relatives of your future ex-spouse during a divorce. Don’t be surprised when they turn against you as they will most likely side with their sibling or child on every issue.
One common method spouse’s use to try to hide an asset is to perform a name change. This usually involves asking a friend or relative to change certain assets into their name to prevent you from getting those assets in divorce court. Some people do this simply because they are able to, others might do it out of spite. Either way, it can cause headaches in court and extra difficulty getting what is rightfully yours.
Spend it all
If you have been married for several years then it is likely that you and your spouse have some money saved up. Perhaps she or he is a saver and not a spender. Did you know that you have right to that money since it accrued during the marriage? Conversely, so does you spouse. Believe it or not, many soon-to-be ex’s will try to spend any money saved as fast as they can so that you can’t have any of it. Many spouses have been known to go on â€œsuddenâ€ vacations or gamble it all away in Las Vegas or Atlantic City. Keep an eye on your bank accounts.
Transfer of Money
Another tactic commonly used in divorce proceedings is that one spouse will try to transfer any available money to a separate account. The new account will technically make the money the property of somebody else (friend or relative) during the divorce. Typically, the money is held just long enough for the ink to dry on the divorce papers.
Some spouses will try to get their significant others name off of certain titles. For example, they could try to take their spouses name off of any other car titles in their possession prior to the divorce. Many times the Department of Motor Vehicles falls for this trick and the other spouse has no legal right to the automobiles unless they can prove that the vehicles were obtained during the marriage instead of before.
One of the most common reasons someone would go through all of the effort to hide assets is out of revenge. Both spouses have a right to anything obtained during the marriage, but all too often one person wants to keep it all. If the money is stashed in an overseas bank account it can be impossible to recover once it is out of the country.