Spouses may hide assets in divorce cases

A common occurrence in divorce cases is one spouse hiding assets from the other in an attempt to keep the assets for himself or herself once the divorce is finalized. People in Georgia who are approaching or going through a divorce should be aware of some of the tactics a spouse might use to conceal marital assets. He or she might move money around by overpaying creditors or the IRS, purchasing antiques or art, investing in cryptocurrencies or redirecting account statements.

Some people will overpay creditors, saying they were merely paying off the bill, and then request a refund of the overpayment after divorce. This allows the person to temporarily hide the funds without the other spouse knowing. If one spouse suddenly becomes interested in art or antiques, this can also be a red flag that he or she is hiding assets. They might say they bought a painting at a yard sale when it is really a valuable piece of artwork.

Cryptocurrencies, too, can be used to siphon off marital assets. They are difficult to trace, but there are means of discovering the purchases. Another red flag is when account statements that arrived regularly stop doing so. This may indicate that one spouse has asked the bank to stop sending them. The financial institutions can be contacted directly to ask that statements be sent again.

In cases where a person believes his or her spouse might be hiding assets prior to divorce, an attorney may be able to help. An attorney who handles divorce cases might communicate with the relevant financial institutions or depose the other spouse to determine where the assets are. An attorney might also help by drafting and filing the petition for divorce or negotiating the terms of property division with the other side.

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