How Your Spouse May Hide Assets During a DivorcePublished: Aug 31, 2017 in Divorce
Written by Anthony Piccirilli
If you are headed for a divorce or going through one right now, you need an accurate accounting of your and your spouse’s finances, including all assets and debts. Without a full understanding of your incomes, the property you own separately or together, or the debts you owe independently or jointly, there is no way to fairly negotiate a property settlement or to receive an equitable outcome in court.
One of the reasons you may not have an accurate view of your marital finances is if your spouse is hiding assets. Signs of hidden assets include your spouse living beyond their means or making large purchases after a separation like real estate, vehicles, expensive jewelry, or fancy vacations.
If even the smallest part of you is worried your spouse is hiding assets, contact a Pittsburgh divorce lawyer from Pittsburgh Divorce & Family Law, LLC as soon as possible. We will work with financial professionals to determine what is going on and what may be hidden.
Call us at (412) 471-5100 to schedule a free and confidential consultation.
How Your Spouse May Hide Assets During a Divorce
If you suspect that your spouse may be hiding assets during your divorce, it is important to understand how they may be doing so. Some common ways to hide assets include:
- Hoarding cash
- Transferring money to separate bank or brokerage accounts in their name only
- Transferring money to their friends or family members to be returned after the divorce
- Transferring stock to “dummy” corporations or LLCs to be transferred back later
- Creating financial accounts in a child, romantic partner, or friend’s name
- Underreporting income on financial statements and tax returns
- Purchasing valuable items that are easy to miss like collectible coins, stamps, or antiques
- Overpaying taxes to receive a refund later
- Deferring their salary, commissions, or bonuses to receive after the divorce is finalized
- Delaying client invoicing for payment and accruing their accounts receivables
- Turning down a promotion or raise or asking their boss to implement it after the divorce
- Creating fake debts and expenses
Discovering Hidden Assets
If you believe your spouse is hiding assets in one or more ways, contact us today. We can work with financial professionals like a forensic accountant to dig into your marital finances to find out where money is going. We may also work with these financial professionals to take a closer look at your spouse’s business finances.
Additionally, we will fully utilize the discovery process during the divorce to require your spouse to hand over financial records, including any and all bank accounts, investment accounts, stock and bonds, non-traditional investments, individual and employer-sponsored retirement accounts, and more. We might also ask for records regarding any transfers from your spouse to others in recent months or years.
There are Consequences for Hiding Assets
If you uncover evidence of your spouse hiding assets, there can be consequences during your divorce. You may end up receiving a greater share of property due to your husband or wife’s deceit. You can ask the court to order your spouse to pay your attorney’s fees for the divorce or in relation to the investigation. The court may also have the power to fine your spouse and file criminal charges.
Contact a Pittsburgh Divorce Lawyer Today
If you are worried your spouse is hiding assets during the divorce or even began to do so during your marriage, contact an experienced divorce attorney from Pittsburgh Divorce & Family Law, LLC as soon as possible. Finding out if your spouse is hiding assets can take some time yet it will be well worth it to discover hidden assets and to push for an equitable property division.
To learn more about your rights and legal options during a divorce, contact us today at (412) 471-5100 and schedule your initial consultation.