Where do People Typically Hide Assets during Divorce?

If you are going through divorce, you know that matters of property division will come to the forefront in the near future. At that point, you will do whatever it takes to receive the property that you are entitled to.

But what happens if your soon to be former spouse hides assets during the divorce process? This is a concern for many. It is also one that can work against you if you don’t pinpoint the problem right away.

Here are a few things you should be aware of:

— Cash could be stashed in a safe, out of the way place, such as a safe deposit box at a local bank.

— Under-reported income on financial statements and tax returns.

— Overpaying creditors or the IRS. By doing so, your partner can receive a refund in the future.

— Defer salary, commission, and bonuses. A common trick, this ensures that the money is not included during divorce proceedings.

— Transfer stock. This entails the transfer of stock and/or other investment accounts to somebody else, such as a family member or business partner. Once the divorce is over, the person then asks that the assets be transferred back.

It is your hope that your partner is 100 percent honest during the divorce process, but you cannot assume this will be the case. If this person hides assets, it could work against you in the long run. It is important to understand how assets are often hidden during a divorce, as this will help you avoid a situation in which you are duped.

Source: Forbes, “Divorcing Women: Here’s Where Husbands Typically Hide Assets,” accessed April 18, 2016

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This 5-star review is for Nathaniel Garrabrandt at Brown Family Law. Nathaniel was just what we needed. He helped guide us with a level of professionalism, efficiency, and genuine care that made a real difference during a challenging time. He is always thoughtful and respectful, and he never makes you feel like just another case. His communication was clear (with regular check-ins), his advice was solid and uncomplicated, and I always felt that he had his client's best interest at heart as he made suggestions. I’m grateful to have had such a capable and compassionate attorney to work with. You hope you never need these kind of services, but when you do, you want the best... and someone with high integrity. Nathaniel truly deserves all 5 of these stars, in every way.

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Russell Yauney was my attorney at Brown Family Law. Throughout the process, Russell and his paralegal Conor, were extremely helpful and patient. They were highly responsive, thorough, and most importantly: did not make me feel insignificant or embarrassed for asking clarifying questions. Russell made himself available and whenever he wasn't, Conor was. The Friday Phone Calls were reliable and I knew I could expect an update each week. The firm's texting abilities also made it easy to send a quick question/concern if I ever needed it. Russell was a fantastic attorney and guide to have throughout my situation. I highly recommend this firm.