Ideally, when a couple divorces, both spouses would be honest about their assets so that the courts can equally divide them. Unfortunately, this does not always happen. If you suspect that your spouse is hiding assets, it is important to carefully consider where to look for them. To help get you started in your search, here are some possible ways your spouse could be hiding assets.
Transferring to a Friend or Family's Accounts
One commonly used method of hiding assets in a joint bank or brokerage account is for a spouse to transfer the funds to a friend or family's account. Once the divorce is completed, your spouse would simply transfer the funds to a new account. If you suspect your spouse has done this, you will need to review your bank and investment statements for transfers of which you were unaware.
It is important to note that depending on the state in which you live, some states might not consider the transferred assets to be marital assets because they are in the friend or family member's account. Your attorney will have to work within the family court system to prove you are entitled to those funds.
If your spouse receives commission for his or her work, it is possible he or she is hiding them from you. Your spouse could ask his or her employer to delay the payment of the commission until a later pay period for tax purposes. If the commission is held until after your divorce is finalized, you would not have a claim to them.
To determine if there are hidden funds from your spouse's commission, your attorney might have to ask the court for a subpoena of your spouse's payment records.
Overpaying the Internal Revenue Service
To you, it might seem incredible, but it is possible for your spouse to hide money by using the Internal Revenue Service, or IRS. Your spouse could opt to allow the IRS to hold this year's tax refund to pay towards next year's tax bill. Although this is a normal request, it could result in money being hidden until after the divorce is finalized.
If your spouse is due to receive a tax refund the next year, not only will he or she get the refund owed, but also the funds from the year you divorced that he or she asked the agency to hold.
To prevent this from happening, you need to closely examine all of the tax records for at least the last five years to determine if your spouse has chosen to apply funds. If so, those funds need to be considered in the divorce.
There are many other ways in which a tricky spouse can hide funds. To find those funds, work with a divorce attorney like Stephen J Weisbrod Esq Law or others who have experience in finding hidden assets.Share
3 January 2016
When I began the divorce process, I knew that I wanted to change my name back to my maiden name. I no longer wanted to be associated with the family name of the man that I was divorcing. The problem was, I have three kids that all had their father's name. I wanted to know if I would be able to change their last names to my maiden name rather than having them carry that family's name for the rest of their lives. I found out a lot about what it would take and began working to create this blog to help other women wanting to do the same thing.