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Common ways of hiding assets

On Behalf of | Jan 4, 2021 | Blog, Family Law, High Asset Divorce

Unless you managed to cover everything in your prenup, most divorces in New Jersey involve a division of assets. Some people try to hide their assets to keep them from being seized or divided during the property division process. If you suspect that your former spouse will try to hide some of their assets, here’s a few things you could mention to your attorney.

What are some common methods of hiding assets?

Your former spouse might have income from another job that they’re not telling you about. If they get paid in cash, they might even be hiding the amount from the IRS. Talk to your family law attorney if you suspect that your former spouse makes more money than they’re letting on.

They might also give money to a friend to keep during the divorce, often under the guise of paying off debt. When the divorce is over, the friend will give them back their money so that they don’t have to share it with you. Keep an eye out for any sudden gifts that your former spouse offers their friends and relatives during this time.

If they’re really crafty, your former spouse might even set up an elaborate system of fake payments. On paper, it looks like they’re paying for business expenses, but they’re actually depositing money into a bank account or giving it to a friend. They plan on taking the money back once the divorce is over. If you catch your former spouse in the act, it could seriously damage their case.

How can you keep your former spouse from hiding assets?

Talk to your attorney about any suspicions that you have. Even if you don’t have proof, let your attorney know if you suspect that your former spouse will try to hide assets from you. Your attorney might be able to uncover evidence that could be used in court.