Are you going through a divorce? Are you worried that your spouse may be hiding assets?
If you answered yes to both questions, it's important to learn more about your situation and legal rights. In short, you want to make sure that your spouse discloses all of his or her assets to the court.
With this in mind, here are some of the most common places a person will hide assets in a divorce:
-- Purchase items that the court may not look for. For example, somebody may assume that the court will overlook a new piece of equipment for his or her business.
-- Cash. Many people believe it's easy to hide cash, so they attempt to stash this at their home, office, or in a safe deposit box.
-- Overpaying creditors or the IRS. This is one of the oldest tricks in the book. By overpaying up front, your ex-spouse can receive a refund down the road. At that point, once your divorce is in the books, there is nothing you can do about it.
-- Defer salary, bonuses, or commissions. In short, this allows your ex-spouse to receive employer payments after the divorce. Once again, this means that the money does not come into play during discussions of property division.
-- Stock transfer. This is the act of transferring stocks and other types of investments into the name of business partners, family members, or friends. Once the divorce is over, the stocks are transferred back to the original party.
As you can see, if your former spouse wants to hide assets during divorce, he or she has many ways of attempting to do so. Fortunately, there are steps you can take to uncover these assets.
With the help of an experienced legal team, you never have to worry about this. Instead, you can rely on your attorney to review your case and pinpoint any assets that may not be listed. This is much better than attempting to do everything on your own, never really knowing if you're making all the right decisions and taking all the right steps.
Remember this: even if you are doing the honest thing and showing all your assets, the other person may not be taking the same approach.