A divorce is a time where trust between soon-to-be-ex-spouses starts to crumble. This goes romantically, obviously, but it is also a financial issue. Many people want to “win” the divorce by whatever means necessary, and often that means getting more out of the deal financially. Not only does hiding assets affect the way the numbers split, but it can also determine the support you receive down the line. Here are some places to check if you think your spouse has been hiding assets.
1. Asset transfer. Simple and common: the spouse takes money from a joint account and either transfers it to a personal account, or (if attempting to be more sneaky) to the account of a friend or family member who will return it after the divorce.
2. Overpaying. This can be done at a small or large scale. On a small scale, the spouse could be getting cash back at the store on a debit card and stockpiling that cash. On the big side, the spouse could overpay a creditor like the IRS: he or she will get a refund later…after the divorce.
3. In the office. A savvy spouse knows that it can be beneficial to delay the immediate gratification of a promotion, bonus, or commission until after the divorce. Sometimes, it may even appear as though a salary has decreased—because the spouse has chosen to defer it.
4. In your business. If a spouse owns a business, there are a few strategies that can make the business look like it is struggling: delaying client invoices, creating fake expenses, or expensing valuable items on the company’s dime can all make the business seem less profitable.
5. Obscure assets. If your spouse has a complicate stock situation or retirement plan, some aspects could simply be (allegedly) forgotten about.
Proving that your soon-to-be-ex is hiding assets can be difficult, and that’s why it’s so important to work with a qualified Boca Raton divorce lawyer at Orner Law. Contact their office for a consult today.