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Where should you look for hidden assets in a divorce?

On Behalf of | Apr 18, 2022 | Property Division

If you have read about the government’s attempts to seize a Russian oligarch’s assets, you will know that there are many ways to hide money and property.

If you are about to divorce, you might find your spouse is hiding assets from you. Even if you are talking about thousands rather than billions, it is essential to ensure they do not cheat you during the property division process. Where do you start? Here are some tips:

Start close to home

Believe it or not, some people still stash cash around the house. They may even hide it in plain sight, in the form of artwork or collectibles. Even if you find nothing, it is a good excuse to spring clean.

Get hold of financial paperwork

If you notice unusual withdrawals or transfers, it may signify something is up. You should also check the flow of income into accounts. For example, if your spouse always gets a bonus or dividends at this time of year, their failure to appear might mean they asked the company to hold onto them until after your divorce.

Don’t overlook friends and family

Spouses sometimes transfer assets to those close to them. Maybe your spouse has spent an unusual amount of time at the stables and racetrack lately. They say they are helping their friend prepare their new horse for the Derby. It might be that your spouse part-owns the horse but failed to tell you.

Make sure you look outside the state

Cryptocurrencies attract people wanting to keep their assets secret. Some states and countries allow trusts that are hard to track down and access

Tracking down hidden assets can be challenging, so if you suspect your spouse has secrets, seek legal help to uncover them and claim your fair share of what you and your spouse jointly own.