Whether you were married 10 years or more, or you decided to sever your marital ties after only a year or two, the bottom line is that it’s your decision and you are entitled to a fair and agreeable outcome that helps you gain closure and move forward in life. It would be nice if every Maryland couple who divorces could do so without contention or any obstacles arising in the process. More often than not, however, this isn’t the case, especially where division of marital property is concerned. In this article we will show you how to spot hidden assets in divorce cases. Some spouses have little to no trouble when it comes to amicably communicating for the sakes of the best interests of all involved during divorce proceedings. Others seem to face tremendous challenges in this area and can barely be in the same room without tempers flaring. When issues concerning who owns what or other marital property issues, such as hidden assets, arise, it can become an all-out battle to uncover the truth and obtain a positive outcome.
Different ways assets in divorce can be hiddenIf a spouse is trying to keep certain funds or property from being subject to division in divorce, he or she may attempt covert actions to hide those assets so the court does not know they exist. The problem with this (besides being cruel and unfair) is that it is illegal. If you know where to look for hidden assets, you may be able to prevent a crime. The following are some of the most common ways people use to conceal assets in divorce:
- If your spouse seems to have a surplus of pocket cash but the amount of income coming into direct deposit or paychecks has decreased, it may be cause for suspicion. A person attempting to hide assets will often secure work payment under-the-table to avoid paying taxes or sharing the income with a spouse.
- If your spouse starts to give valuable items, such as artwork, jewels or other luxury items away, it could be a ploy to hide these assets until your divorce is finalized. People sometimes enlist the help of family members or friends who agree to hold onto the items until after the divorce is settled.
- Sudden purchases may also be means for hiding assets. A spouse can purchase an expensive piece of art and then understate its value in an effort to convert cash to property that can later be sold at the higher value and re-converted back to cash.
- If your spouse suddenly takes money from your jointly owned accounts to pay off debts, you may wish to further investigate the situation. False debt pay-off is an easy way to hide money. Divorce is challenging enough without having to worry that the person to whom you were once married would rather risk criminal charges and jail time than allow you to retain possession of assets you rightfully own. Sadly, this is often a harsh reality of the divorce process; so, the best way to prevent it is to educate yourself ahead of time on the laws that govern such matters and know re to turn for help if you suspect your spouse is hiding assets.