Photo of Professionals at Weinberg, Kaplan & Smith, P.A.
Photo of Professionals at Weinberg, Kaplan & Smith, P.A.
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Spouses may attempt to hide assets during a divorce

On Behalf of | Jan 3, 2022 | High Asset Divorce

When a divorce settlement could cost one spouse an enormous sum of money, attempts to hide assets may occur. Such illegal activities might extend even to modest settlements. New Jersey spouses who attempt to hide assets might find themselves in significant legal trouble. Still, many may try, and it becomes necessary to seek out any commonly hidden assets.

The hidden assets in divorce proceedings

Several strategies could hide serve to hide assets. A spouse may agree to a 50/50 split but might hide assets in anonymous cryptocurrency accounts. People have put millions of dollars into mysterious “crypto wallets,” and tracking the funds becomes challenging even for the IRS. If a spouse has spoken about crypto in the past, or there’s any known information material about cryptocurrencies, perhaps delving further proves advisable.

Similarly, a spouse could purchase precious metals, including gold, silver, or platinum. Hiding the physical gold might not be difficult. A relative’s safety deposit box – or even attic – may hide a cache of gold coins.

Diverting cash or other “gifts” to relatives may come with the agreement the money or property returns to its original owner after the divorce. The mysterious diversion of assets from one person to another when divorce proceedings start may raise eyebrows.

Additional accounts and sources of income

In high asset divorce proceedings, the total amount of claimed assets might be much higher than admitted. Not every spouse knows about a partner’s income sources. One spouse might have military and pension benefits and never inform the other spouse. There could also be stocks and other assets held only in one spouse’s name.

Performing a thorough investigation of all assets seems essential to find hidden funds or property. Anything that hints at hidden assets may be worth investigating.