As someone going through a divorce, the last thing you need is a spouse heaping unwarranted additional stress on you. Unfortunately, this is exactly what happens if you suspect you have a case of hidden assets on your hands.
A spouse may attempt to hide assets in many places for many reasons. But the first thing you must do when dealing with such a possibility is identify where the hidden assets are.
False debt repayment
According to Forbes, there are several common hiding places when someone is attempting to hide assets. First, pay attention to a sudden influx in debts they “have” to repay. This is especially true if they are repaying family members or close friends. A common tactic involves claiming debt repayment and getting close contacts to hold onto the money until after the divorce gets finalized. At that point, your spouse will collect the cash.
A sudden increase in big ticket item spending may also indicate hidden assets. This can include things like televisions or expensive electronics, cars and motorcycles, fine art pieces and instruments, and more. Again, the tactic here involves buying something pricy and returning or selling it after the divorce gets finalized.
Physical cash caches
A spouse may even physically try to hide cash. Keep an eye on how often they go to personal locations like their car or home office. You may notice they seem particularly possessive of the location they have hidden the money in.
If you notice any of these signs of asset hiding, consider contacting a forensic financial analyst. They can truly examine the situation and find more information.