Divorce is the worst that could happen to anyone. Once a loving couple but now can’t stand to even look at each other. Surely you are going through a lot of difficult time during a divorce due separation anxiety and that the kids won’t have both parents and on top of that you get to know that your spouse is actually hiding assets so that it does not get divided between you two. You should know your rights by searching online or asking a divorce attorney.
You should know that hiding of assets happens in 90% of the divorce cases. One spouse, which in most cases is the husband, tends to under show or hide his assets so that the wife does not receive her equal due share.
Things That Are Considered Assets
When you get married, you and your spouse make up the home. Whatever you both or just one spouse earns, you both share, invest, spend, return debts or save for the future. So if you people under any circumstances get divorced, everything is shared equally amongst you which is also known as divorce assets. These assets will be divided regardless of who ever is earning or who initially had the home or the car or the expensive jewelry, ornaments or antiques. The rule is that whatever you received or acquired after your marriage will be considered marital assets, only the inheritance and gifts are ruled out. The assets include:
- Saving bonds
- Gold and silver
- Mutual funds
- Insurance policies
- Tangible goods
Many spouses are not able to hide the cash and bonds but they can hide their money in tangible goods such as vehicles, expensive art, antiques and rugs, stamps and coins and also investment in real estate. These are then sold after the divorce to earn the money back. They just do not want to share with their spouse because they will soon become ex.
Ways To Hide Assets
There are many sneaky ways that your spouse can hide their assets. Well you will have to stoop down to their level and snoop around to find the hidden assets.
- Buying property and asking their friends or family to take over so they will not have to show when it’s not in their own name.
- Buying assets in other countries or states such as vehicles or real estate property.
- Lowering their value of business or work by underpaying taxes.
- Transferring all the money from bank accounts to friends or family.
- Hiring friends or family in their business and paying them salary which can be taken back after the divorce is finalized.
- Buying tangible assets from all the cash and lowering their value.
- Delaying salaries and investing opportunities, profits from business and appraisals and potential business with clients till the divorce is finalized.
- Your spouse might also create a fake debt and transfer all his money.
How To Get Equal Share In The Marital Assets?
If you know that your spouse is sneaky and is into hiding his or her money then you will need to be vigilant. Instead of taking matters into your own hands, you should take legal action and make your divorce case strong. You can hire a financial analyst and advisor who will guide you regarding all the assets. The analyst will ask to present all the assets and businesses which have been acquired during the marital period by both the spouses. You both will be asked to show your financial statements of all these years and also your tax return statements. All the assets will be analyzed and valued. If your spouse does not show the statements or reports then he will be thoroughly assessed by the court.
Also the lifestyle of all these years will be analyzed to see whether the expenditure is more than the income and vice versa so to get to know there is no under showing of the income.
The spending of both the spouses will be judged and assessed to see whether any money is being recently transferred to different accounts or whether there is liquidation of the assets or converting cash into assets or not.
Your spouse is very likely to hide his/her assets so a financial analyst and a top rated divorce lawyer Fairfax VA will guide you completely and you may get your due deserving share of all the marital assets.