A lack of trust is a main reason for divorce in Massachusetts. This can include financial misdeeds, and the possibility that a spouse is hiding assets in a divorce is common. For people who think their spouse is hiding assets, it is important to understand the signs and to have legal help.
There are basic warning signs that a spouse is hiding marital assets. One indication is saying that there was a need to pay an old debt to the Internal Revenue Service or to a creditor. Overpaying these entities and then requesting a refund is a method some people might use to hide funds. Other times, a spouse will become interested in collectibles. These items can increase in value or be worth more than what was paid for them. Once the divorce is completed, they can be sold at a profit.
Financial activities should be watched. If sudden withdrawals are made from various accounts or if a pension account is closed, it is reasonable to wonder where the money went. More complicated ways to hide money include transferring assets to family members and business associates. If account statements are misplaced and online account passwords are changed, the spouse could be behind it to hide assets. Interest in new forms of currency like Bitcoin could mean that there are unexpected strategies to shield money from the scrutiny of divorce. Finally, financial information could be absent from financial statements. Examples might be a regular bonus or royalties that the spouse doesn’t disclose.
People who are ending a marriage might not think about these key factors that will impact their future. However, financial struggles often accompany the aftermath of a divorce. If the spouse is using trickery to hide assets, having legal assistance from a divorce attorney may be beneficial.