Florida couples getting a divorce will have to contend with several things that no one would look forward to. For example, you will have to divide all of your assets equally or equitably, depending on your state. Unfortunately, some people will try to get around a fair division by hiding some of their assets.
Assets are divided based on how much you have to begin with. Therefore, by making it appear as if they have fewer assets on a whole, a sneaky spouse can avoid having to “give up” as much as they otherwise would have to by law. However, hiding assets is illegal.
The Women’s Institute for Financial Education (WIFE) takes a look at some of the possible places assets can be hidden. Commonly, they are hidden in plain sight through the purchase of expensive items like antiques, designer clothing, or electronics. These are small and relatively unnoticeable items that can be sold later to regain the money used to buy them.
A spouse may also be hiding assets by dealing in cash. As this isn’t easily traceable by banks like deposits and withdrawals are, it’s easier to hide because there is no electronic or paper trail. Actual physical money may therefore be hidden in places around the house, your spouse’s place of work, their car, or other personal property.
When a spouse attempts to hide assets, there are usually noticeable signs, even if they take a while to find. Whether they display behavioral changes such as irritability when discussing finances, or make surprise financial decisions like suddenly paying back debts you didn’t know existed, you should take your suspicions to an experienced attorney.