Dividing your property in a divorce should be a straightforward process. You and your ex have to find a fair way to share the assets and debts you accumulated while married to one another. Unfortunately, some people will break the law to complicate their property division process or try to make it unfair.
Hiding assets or money is one of the tactics people use in divorce that can impact the property division process. Learning some of the more common places people hide assets can help you analyze your situation for risk.
In a secret bank account
Some people have hidden bank accounts that they use throughout the entirety of their marriage. They consistently make small deposits into that account without their spouse knowing. Hidden bank accounts can sometimes represent thousands of dollars of undisclosed marital income that your ex should technically share with you.
In personal property
Some people will make purchases and acquisitions during marriage because the items have a steady value. They can resell the property later or just rely on the intrinsic value of the assets when reestablishing their financial stability after divorce.
Vehicles, collectibles, art and jewelry are all common assets that can represent a lot of hidden value. Although you may not want to receive the actual property, you need to know about the items and their value as marital property to secure a fair division of your assets.
In safety deposit boxes or storage units
Both actual cash and physical assets could wind up actively hidden from you in a safety deposit box at a bank or a storage unit. Reviewing your financial records for storage unit fees, bank fees and even moving company fees quietly paid by your spouse could help you locate a storage unit that you didn’t know existed.
Tracking down hidden assets or finding warning signs that your spouse has hidden assets requires you to go over your financial records more carefully in your upcoming divorce.