Going through a divorce comes with many challenges. Where you were once on the same team, you may now find yourselves in competition for your assets.
Sometimes, your spouse may have started hiding assets before asking for a divorce. Alternatively, they may attempt to hide cash or other valuables while you go through the divorce process.
The equitable division of assets is a critical part of a fair divorce for you and your ex, so it is essential to uncover hidden assets. These are some ways your spouse may try to hide assets (and what you can do about it).
Secret stash of cash
Cash may seem like an overly simplistic way to hide income, but that tends to be a reason hiding cash works for some spouses. Often, a spouse will hide small amounts of cash in a safe deposit box or even in a drawer in their home.
While the cash itself may be untraceable, it does not mean there is no record of the missing money.
Making more purchases is another way that a secretive spouse may try to hide assets. In some cases, they may plan to sell their purchases later. In other cases, they may be simply looking for a way to choose how they spend their money instead of needing to share marital assets.
Working with a forensic accountant
If you cannot discover hidden assets, you may need to consider working with a forensic accountant. These professionals can analyze your and your ex’s financial records to uncover undisclosed income and other assets your ex might be trying to keep a secret.
While tracking down activity such as stashed cash or small purchases may be difficult, a forensic accountant will look at patterns and income to determine if a spouse is hiding assets.
Working with a spouse trying to hide assets can be especially difficult. It is essential to talk to a professional as soon as possible to get the support you need.