Certain types of misconduct can complicate divorce proceedings. For example, one spouse wasting or destroying marital property could unfairly diminish the resources that the spouses have to divide. One spouse could also attempt to manipulate asset distribution proceedings by hiding assets.
There are many different tactics that people may employ to hide property or money from a spouse and the family courts. Those trying to track down hidden assets may benefit from learning about common tactics used by those with unscrupulous intentions.
1. Moving physical property
Some people begin preparing for divorce by hiding assets. They may move antique furniture, valuable collectibles or other assets to a separate location. In some cases, they may use their new home or apartment to store marital property.
Other times, people rent storage spaces. They may also ask friends or family members to hold on to certain property until they reclaim it later. Checking for information about storage unit rentals can be one way to identify signs of hidden physical assets.
2. Creating secret bank accounts
Technically, either spouse could start a separate bank account in their name without violating financial disclosure rules. They simply have to acknowledge the account and whatever marital funds they deposited into it when making formal disclosures.
Some people start bank accounts in other countries. Others simply start a new account with a different financial institution without informing their spouses or disclosing the marital income used to fund the account. In some cases, people may convert legal currency to digital assets in an attempt to hide them.
3. Misrepresenting asset values
Another way to hide property prior to a divorce is to undervalue assets. People might drastically reduce the realistic fair market value of household furnishings, personal collections and even vehicles in an attempt to deprive their spouse of their fair share of marital resources.
Those attempting to hide assets or obfuscate the true value of the marital estate may go to great lengths to manipulate the outcome of divorce proceedings. Securing the right support can help people track down and properly value assets that a spouse attempted to hide. Spouses often need to have accurate information about the extent of the marital estate and its value to secure a fair outcome during divorce proceedings.