How Your Spouse Might Be Hiding Assets
There are several reported cases of divorce wherein a spouse tried to hide his or her assets from the other partner, with the aim of obtaining a favorable verdict in the court of law, and minimizing the amount of property that will be required to share with the latter. However, if an individual has a sound understanding and knowledge of the tricks and tactics that their spouse might employ in hiding the assets, it will be easier to uncover the undeclared property for the purpose of a fair distribution in the event of a divorce. Let us have a look at the various ways in which a spouse can hide his or her assets from the other party.
One of the simplest and most hassle free techniques of hiding assets from your spouse is by transferring the funds form a joint account to a separate account owned by himself or a friend. Although, it might not seem to be a unique or foolproof strategy, there are many cases wherein a spouse missed out on or overlooked the chances of it occurring, due to the sheer simplicity of it. It is possible to transfer the assets in a planned way, gradually and systematically over a period of time.
Purchasing items that can be undervalued or overlooked
No one really has the time to indulge in a comprehensive scrutiny of every item that is purchased by an ex-spouse. Taking advantage of this mindset, many partners try to convert their funds into expensive items such as an exotic carpet or a rare art work for his office and then report a reduced value of his possessions to the court. Since such items do not really attract a lot of attention, they tend to be overlooked most of the time.
Repaying a debt or a fraudulent loan
If a spouse has an outstanding debt, he or she might go ahead and use the marital assets to pay off the balance due, rather than having to split it with his partner. Furthermore, in many cases, an individual can go to the extent of using up his marital asset in paying off a fake loan taken from a friend or family member, knowing full well that the money will be returned once the litigation process is over.
If you have filed for a divorce and doubt that your spouse is hiding some of the marital assets from you, you must immediately consult an attorney and find out ways of uncovering the concealed property before the judge announces a final verdict.
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