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Will your spouse give away assets to hide them?

| Feb 2, 2021 | Family Law & Divorce |

You want to get divorced, and your spouse is not too pleased about it. They’re also the person who takes care of most of the family finances, so you are well aware that they have control over the money. Are they going to try to hide assets in any way? No one is supposed to do this in a divorce, but it can and does happen.

Giving them away

One way that people do it — and there are many — is simply by giving the assets away. For instance, say your spouse has a lot of stock that they own. Could they transfer that stock to an account owned by a family member? When you then look at their accounts, they’ll appear to have far less, and you may get a very small percentage while dividing assets. They could then get the investments back after the divorce and, without telling you, keep most of what they owned.

Investments are a “tricky” way to do this, as they may assume you don’t know all that much about how they invested money, but it can be even more simple than that. They may give actual money to someone else, calling it a business loan or a repayment of an old debt. But the same idea holds true. They’re planning on getting those assets back later.

Defending your rights

As noted, people are certainly not supposed to do this and hiding assets is a form of fraud. That violates your rights. Make sure you know exactly what steps you can take to defend them.