When going through a divorce, you hope your spouse is as honest and forthcoming as possible. Unfortunately, that is not always the case. In fact, many couples find that at least one spouse has attempted to hide assets.
To make sure you get your fair share, you may need to do a little digging. But where do spouses often hide assets, anyway?
Hiding assets through cash transaction
Forbes discusses how to find hidden assets during a divorce. According to experts, many people hide their assets in the same ways or the same places. For example, unreported income is a huge source of hidden assets. This is especially true if the income is cash only. This is incredibly easy for a person to hide, claiming they never made any money at all. Small cash transactions are especially hard to track.
A spouse may also turn to family and friends. They collude with loved ones, making payments for “goods or services” that do not actually exist. After the divorce, the family member or friend intends to return the money back to your spouse.
If your spouse owns a business, they might hide assets in a nonexistent employee. They can make paychecks, bonuses and more for a person that does not actually exist. You can reveal this by auditing the company’s payroll account.
Do not underestimate the possibility of hidden physical cash, too. Many spouses have a safety deposit box or lockbox in which they store money. Often, this box is right on your property, too. You may dig it up in a thorough clean.
If you do find hidden assets, what next? You may want to contact a legal expert. They can help you attain the rightful share you deserve.