Experienced, Confident Family Law Representation

Why do some divorcing spouses hide assets?

On Behalf of | Sep 26, 2023 | Divorce

During divorce, emotions run high, and trust often dwindles. As couples navigate the turbulent waters of separation and divorce, the matter of dividing financial assets can become a contentious and complex process.

In some cases, divorcing spouses resort to hiding assets, which not only exacerbates the already challenging process but can also result in serious legal consequences.

What’s the motive?

One of the primary motives behind hiding assets during a divorce is the desire for financial gain. Some individuals believe that by concealing certain assets, they can secure a more favorable financial outcome. This might include hiding cash, investments or even valuable personal property. In some cases, one spouse may hide assets simply to deprive the other spouse of their rightful share. This act of revenge can prolong the divorce proceedings and further strain the relationship.

Another reason couples may resort to hiding assets is to protect their future income. This is often seen in cases where one spouse anticipates a significant increase in income but wants to avoid sharing it with their ex-partner.

How to discover hidden assets during divorce

If you suspect your spouse is hiding assets during divorce, taking proactive steps is crucial. First, you should hire a forensic accountant to help you uncover hidden assets and financial discrepancies. They can provide valuable assistance in identifying concealed wealth. You should also maintain meticulous records of all financial transactions and assets. This documentation will serve as evidence if asset hiding is suspected.

When going through a high-asset divorce, seek legal guidance proactively to better understand how to protect your rights and options as your situation evolves.