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Ensure you have the full picture before dividing property in your divorce

On Behalf of | Nov 13, 2020 | Divorce |

If you have never taken much interest in your joint finances, getting divorced may be the time to start doing so. Franklin D. Roosevelt said, “Real estate cannot be lost or stolen, nor can it be carried away.” Unfortunately, as many divorcing spouses have found out, it can.

Dividing your property is one of the most challenging tasks when your marriage ends. It is much harder to get an equitable share of your joint assets if you do not know what they are. Many spouses purchase things during marriage without telling their partner. When it comes to divorce, they may try and hide these assets to avoid splitting them.

How do people hide assets?

There are many ways to hide assets. Here are some:

  • Putting things in someone else’s name: Your spouse could purchase a piece of land and register it in their brother’s name, so you are none the wiser.
  • Delaying payments: Your spouse may have a big bonus due and tell their employer to hold onto it for the moment. Thus they cut you out of your share.
  • Moving money out of accounts: Whether overpaying bills to claim back later or transferring temporarily to a friend. All serve to reduce your visible bank balance.
  • Falsifying the value: They call in an art expert they know to price a painting on your wall. If the person is prepared to lie about the value, you may never realize what it is truly worth.

Divorce often comes about because of a breach of trust. If your spouse has let you down in one area, it is entirely feasible they breached the trust you placed in them to look after the finances too. An attorney can help you hire a financial investigator if you suspect your partner may not be telling the whole truth.