If your divorce involves complicated financial or other assets, you may suspect that your spouse is being less-than-forthcoming about everything. But, can you prove it?
In order to receive a fair divorce settlement, you need to act on your suspicions and turn detective. Below are some eye-opening insights into the ways spouses hide assets.
Let me count the ways
1. The old tax dodge — underreporting one's income on financial statements or tax return. Revenue can't be cited in financial analyses unless it's reported.
2. Buying high-dollar goods that might be undervalued or even overlooked. This underhanded move is especially useful for collectors. Who really pays attention to a spouse's rock and roll memorabilia or coin collections? You do, now.
3. Stashing cash. Maybe it's in a shoebox in the back of his closet or in a safe deposit box. Either way, you can't receive your fair share if you can't locate it.
4. Withholding bonuses or commissions, or telling a boss to delay a promotion or raise until the divorce is final.
5. Fabricating debt. This involves collusion with either friends or family to create the illusion a spouse is heavily indebted by personal loans.
6. Overpaying the IRS. If your spouse pays more than is owed, that is a guaranteed refund later.
7. Establish custodial accounts in a minor child's name and social security number. After the divorce is finalized, your spouse simply closes the account and pockets the cash.
8. Stock transfers. Investment accounts looking a little light? Your soon-to-be ex may have set up some dummy corporations to transfer stock or investment monies.
Don't let another penny disappear from your grasp. Ask your family law attorney to recommend a forensic accountant to go over your assets and finances with a fine-tooth comb.
Source: Forbes, "Divorcing Women: Here's Where Husbands Typically Hide Assets," Jeff Landers, accessed June 09, 2017