As you go through a divorce, there is sure to be a lot on your mind. It would be in your best interest to focus on matters of property division as soon as possible.
Here is one of the questions you need to answer: is it possible that your ex-spouse is attempting to hide money from you? This is extremely common, as many people are willing to break the law if it means they can receive a financial gain during divorce.
Here are some of the many places your spouse could attempt to hide assets:
— Items that could be overlooked, such as artwork or antiques.
— An employer that has agreed to delay bonus payments, commissions, or stock options until after the divorce is final.
— A custodial account.
— Salary paid to an employee that does not exist.
— A delay in signing important business contracts until the divorce is final.
— Investments in municipal bonds.
— Expenses paid for others, such as a girlfriend, including but not limited to travel, jewelry and tuition.
You may not want to think the worst, but it is possible that your ex-spouse will attempt to hide money during the divorce process. Since you need to do what is best for you, it is essential that you keep an eye out for any suspicious activity.
If you have reason to believe that this is happening, don’t hesitate to discuss it as the divorce moves forward. Your attorney can help you understand how this can work in your favor as the process unfolds.
Source: Women’s Institute for Financial Education, “Where to Search for Hidden Assets During Divorce,” accessed June 15, 2016