Kajko, Weisman & Colasanti, LLP

Is your spouse hiding assets ahead of divorce?

If you and your spouse are currently heading toward a Massachusetts divorce, chances are, the two of you experienced a breakdown of trust in your partnership somewhere along the way. Maybe you have suspicions about infidelity, or maybe you believe your spouse was being less than upfront with you when it comes to finances. Unfortunately, many divorcing spouses start to suspect that the other might be hiding assets in an attempt to get a better deal during divorce, and regrettably, in many instances, where there is smoke, there is fire.

If you suspect that your husband or wife is attempting to hide assets from you to come out ahead after divorce or reduce the amount he or she must split with you, know that he or she, per AOL, may engage in tactics that are obvious, or discreet. An example of a more obvious method many spouses use to conceal property from one another simply involves making relatively small transfers from one bank account to another, separate one, which may be at an entirely separate bank.

Your spouse may also try to unload valuables such as cars, boats and jewelry by "selling" them to friends or other family members. Your spouse and that person may, however, have already agreed to return or sell back said valuables, however, once your divorce finalizes. Your husband or wife may also utilize his or her business or job when concealing assets, and he or she may take advantage of several possible methods in doing so.

For example, if your spouse is a small business owner, he or she may fabricate expenses so that taxes show that the business made less of a profit. He or she may also intentionally bill or invoice clients late, with the hope that the money will not come in until the two of you are no longer married. While these are some methods spouses commonly use to hide assets from one another, please note that there are also many other tactics they may utilize when doing so.

Please note that this information is meant to be informative in nature, and it is not a substitute for legal advice.

 

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