Most states require divorcing couples to split their shared assets equitably, meaning all property they shared during the marriage is divided as fairly as possible. However, some spouses want to keep as much to themselves as possible and as much away from their spouses as possible. Whether they’re doing it out of greed, malice, or a combination of both, you want to ensure your spouse isn’t hiding any assets from you during the divorce, you should know where most people try and hide it.
Hiding assets, when done correctly, can be incredibly sneaky. Some spouses might purchase items that could easily be overlooked or undervalued and resell it after the divorce. Others might stash money in a safe deposit box. Still others might underreport income on tax returns or overpay the IRS and get a refund later. Other tricks include deferring salary, delaying signing new contracts, creating phony debts, setting up custodial accounts in the name of a child, or transferring stock into dummy companies.
However a spouse tries to do this, it is illegal. The burden of proof during the divorce proceedings, though, rests with the spouse with less financial resources. If you suspect your spouse is attempting to hide assets from the property division process, consider hiring a forensic accountant to look over your case. These individuals are highly trained to follow the money. If your spouse is hiding assets, or even using marital funds to spend on an affair, the forensic accountant will be able to find proof of it.
If you’re interested in filing for divorce, contact one of our skilled Newport Beach divorce attorneys today. Burch Shepard Family Law Group are experienced with helping couples negotiate complex financial portfolios during a divorce. Let us see what we can do for you.
Call us at (949) 565-4158 or fill out our online form to schedule a case consultation today.