People often do things during a divorce that they wouldn’t do otherwise. For some, this might mean that they try to hide assets as a way to get more out of the divorce. This is illegal and can greatly change the outcome of the divorce.
Even if you don’t think that your ex would do something like this, you should still be wary. There’s always a chance that they will try to finagle the situation, so they can get more. It’s best to keep a close eye on all the assets because they might try to remove things, so they aren’t counted in the divorce.
It isn’t always cash that they will try to hide. Things like art collections, stocks, real estate, bank accounts and retirement accounts are some that are often the targets. In some cases, hidden cash is used to purchase assets that can be hidden now and sold later, so be watchful just in case this happens.
Some individuals use close friends or family members to make this possible. They may have someone else make the purchases in their name so that the assets aren’t traced to your ex. Once the divorce is over, those assets will be transferred back to your ex, so they can do what they want with them.
Your divorce team, which may include a forensic accountant, is a good source to utilize to determine what’s going on with assets. If you find that your ex is hiding assets, you need to discuss this with your attorney since it will likely change the options that you have and how things are handled.
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