While no two marriages are alike there are certain matters that must be addressed in the course of any divorce. In many cases the most contentious issue is the way in which the shared marital property is divided. Depending on the assets the couple held, the process can be complex. In any divorce the first step will be to determine exactly what is considered marital property. This is not always as easy as it seems, particularly when one spouse is hiding assets from the other.
According to one study, purchases or assets were hidden from partners by 3 in 10 adult couples who combine their finances. When one spouse tends to handle all of the financial matters in the relationship it may be that much easier. While there are of course multiple ways that someone could go about hiding assets, there are some activities that could indicate this is in fact what is going on.
On their face, some of these activities may not appear to be illegal, such as lending money to close acquaintances. Along the same lines, to decrease the amount of assets being divided in a divorce, a spouse could transfer assets to a friend or simply to a separate account. A life insurance policy could also be used to protect or hide assets.
Lowering assets via the purchase of products or manipulating expenses are another approach. Assets could be hidden through the purchase of expensive items that may not appear to be worth a lot. Jewelry, antiques and art could be purchased before the divorce, their real value overlooked in the process of the division and then later sold for what they are worth. People who have businesses could exaggerate or create fake expenses that could then be written off.
Manipulating the payment or receipt of amounts owed could also have an impact on the distribution of assets in a divorce. For example, when sizable commissions are delayed, on purpose, until the divorce is over, it may be considered hiding assets. In other situations, a party to a divorce could overpay his or her taxes to dramatically lower their assets.
Without looking, it is possible a spouse could be hiding assets in a way that could dramatically impact the final settlement reached.The Boca Raton divorce attorneys at Orner Law understand starting the next chapter of life following a divorce is generally easier when someone is financially stable. To learn more, please call 561-347-1336 or contact them online.