While some couples who decide to end their marriage will act maturely and agree on pretty much every term, others tend to treat each other unfairly. This is especially true when the divorce is acrimonious and one spouse feels they deserve more property.
It is not uncommon for some parties to attempt to hide marital assets while preparing for the divorce. However, it is important to understand that this is illegal. If your spouse is attempting to hide marital assets, do not sit back and do nothing. But how do you know your spouse is up to something sinister?
Here are two clever ways couples hide marital assets.
Unexplained cash withdrawals from the family account
Unlike electronic transactions, cash transactions are never easy to trace, which makes it easy for dishonest couples to resort to withdrawing and stashing cash in secret locations to deplete marital accounts. If you notice substantially high withdrawals from your marital account, you need to ask questions. There is a pretty good chance your spouse is stashing cash away so you do not get your fair share of the marital property.
Loans and gifts
If your spouse is loaning money to friends, relatives and business associates, then the loan repayment should be treated as marital property. Likewise, if your spouse is suddenly philanthropic, then there could be a good chance they are doing so to reduce the amount of marital property that will be available for division. It is important that you pay close attention to pre-divorce loans and gifts to help reign in any deceptions that might be going on.
So what can you do about a spouse who is hiding marital property?
You do not have to sit idly while your soon-to-be ex is hiding the marital property. If your spouse is engaging in practices that may amount to hiding marital property, you need to explore your legal options to protect your rights and interests.