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Could your spouse be hiding assets during the divorce?

If your soon-to-be ex was trustworthy and faithful, chances are good that he or she wouldn't be your STBX.

Given that, it wouldn't be too surprising to learn about the latest attempt at subterfuge. Suddenly, your assets seem to have shrunk substantially. Here's how it might have been done.

-- Transferring money from a joint account to a separate account. This may be done incrementally or in one large transaction.

-- Transferring money or assets to a third party, like a friend or relative. This removes the asset from the marital property during the pendency of the divorce. Later, it's transferred back to an account only bearing your ex's name.

-- Taking draws of cash off debit cards while shopping for groceries and other household goods.

-- Letting sales commissions build up without accepting payment. This could even be structured to appear as if it were done for tax purposes.

-- Not applying for or accepting promotions and accompanying raises while the divorce drags on in order to keep spousal and/or child support payments lower.

If your family law attorney suspects that your ex-spouse is being less than forthcoming about all of the marital assets, he or she can arrange for a forensic accountant to go over your marital finances with a fine-tooth comb.

Any discrepancies and suspicious transactions or patterns will be brought to the attention of the court. Hiding assets is a serious offense that at the least will severely damage your ex's credibility to the judge overseeing the case.

To avoid being victimized in this way, learn about your jointly owned accounts and other assets and stay abreast of any changes.

Source: AOL, "10 Easy Ways to Hide Assets From Your Spouse," Robert Pagliarini, accessed Feb. 10, 2017

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Saturday, October 21, 2017

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