10 Ways a Spouse Can Hide Assets During a Divorce

Dissolving a marriage can be financially complex. Florida law requires full disclosure of all marital assets during divorce proceedings in order for a balanced outcome to be achieved. Unfortunately, not all spouses play fair. Some take deliberate steps to hide money, investments, or property in an attempt to keep more than their fair share.

Deception can significantly complicate the divorce process and lead to extended litigation. Thankfully, a Port St. Lucie family law attorney can assist you in identifying hidden assets early in the process.

A Range of Ways to Shield Assets

While hiding a stash of cash is one of the more obvious tactics, it’s far from the only method. Here are 10 common ways a spouse might hide assets during a divorce:

1. Hoarding cash. The most straightforward method, hoarding cash involves withdrawing small amounts over time and storing it somewhere hidden, like a safe deposit box or a friend’s house.
2. Underreporting income. A self-employed spouse or someone who receives cash payments may underreport income on tax returns or financial disclosures to make it seem like they earn less than they actually do.
3. Overpaying creditors. Prepaying taxes or overpaying on credit cards is a sneaky way to move money. After the divorce is finalized, the spouse may request a refund or a credit that only benefits them.
4. Transferring assets. Some people transfer money, property, or valuables to trusted individuals before or during a divorce, with the intent of reclaiming them later.
5. Creating fake obligations. A spouse may create fake debts or inflate existing ones, often with the help of a friend or relative. This can make it seem like their financial obligations are higher than they actually are.
6. Delaying raises, bonuses, or contracts. If your spouse is anticipating a raise, commission, or bonus, they may ask their employer to delay payment to avoid sharing the increase in income.
7. Undervaluing collectibles. Assets like antiques or jewelry can be purposefully undervalued to reduce the amount owed in the property division.
8. Hiding assets in a business. Small business owners have multiple ways to hide money, from paying ghost employees to funneling funds into fake business expenses.
9. Opening hidden accounts. It’s not unusual for a spouse to open accounts in another name, such as a child’s or a relative’s, to conceal funds.
10. Investing in cryptocurrency. The rise of cryptocurrency has made it easier for people to transfer wealth under the radar. These assets are not always disclosed voluntarily and can be hard to trace without expert help.

If you suspect your spouse is hiding assets, connect with a knowledgeable Port St. Lucie family law attorney. Professionals are available to uncover concealed wealth through forensic accounting, subpoenas, and careful legal strategy. Transparency is key to a fair divorce, and you deserve to walk away with what’s rightfully yours.

Share Concerns with an Attorney

Have you worried about the ways your soon-to-be-ex spouse is handling money? Share the details of your situation with the legal team at Baginski, Brandt & Brandt. Doing so could protect your future. Book a confidential consultation today, simply reach out.