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Where do spouses hide assets in a divorce?

On Behalf of | Sep 21, 2023 | Divorce And Child Custody

When you divorce, you and your spouse must each present a list of the assets you own. This is so the court can see what there is to divide up. 

Sometimes, a spouse tries to conceal assets because they do not want to share them. It could be because they have a particular affinity to that asset or just because they think it is something their spouse will not notice.

If the judge learns of this attempt to deceive, they may compensate the other party or even overcompensate them to punish the guilty party for their deceit. Yet, they are unlikely to find out unless the other spouse informs them.

So, as a divorcing spouse, if you have any suspicion that your spouse might not be honest when declaring assets, it is down to you to check and search for possible omissions from the list. Here are some places you can look:

In new investments

Let’s say you discover your spouse has been spending a lot of time on websites about cryptocurrency recently. If this is a new interest, it may be they are using cryptocurrency to hide assetsSimilar could apply if you notice searches related to other investment types, such as shares or offshore accounts.

Their friends

Some people simply pass the money to their friends and ask them to hold it in their bank accounts. Others buy something, such as a property, and put it in the name of a friend or family member.

Tracking down missing assets can be complex, so it is wise to get legal help if you have suspicions. Acting quickly can make it easier to recover any funds that have been diverted.