Currently Offering Flexible Remote Consultations For Your Safety

Handling complex divorce and family law cases in the Tampa Bay Area, including, Clearwater, St. Petersburg, Tampa, and New Port Richey
Handling complex divorce and family law cases in the Tampa Bay Area, including, Clearwater, St. Petersburg, Tampa, and New Port Richey

Assets that are commonly hidden during a divorce

| Apr 7, 2021 | Divorce |

While you undergo a divorce in Florida, you likely have a lot on your mind. Most people will jump to wondering who will get the house, car and retirement accounts, but that’s not all you need to be concerned with. Some assets are commonly hidden during a divorce, so you need to be sure they are accounted for when you’re dividing up your properties and liabilities.

Where to look for hidden assets

Property division is all about ensuring that both spouses are given equal assets as a result of the divorce. If you ask your spouse about an asset they don’t want to give up, there are typically four different behaviors a person will exhibit when the asset is brought up. The first is that they will deny the asset exists at all. They believe that by denying the fact that the asset was purchased with marital money, they may be able to enjoy the asset solely on their own.

Another behavior that your spouse may exhibit is transferring the asset to a third party. This may be their parents, friends or even a new lover. The third behavior that your spouse may undertake is claiming the asset was lost. Their thoughts are that if it’s considered lost, they may be able to keep possession of it after the divorce is settled. The last behavior that your spouse may exhibit is creating false debt to help ensure that they get more assets than you. When you identify the evasive behavior that your spouse exhibits, you’ll know to start looking for hidden assets.

Take a look at your past tax returns

Your past tax returns can be a great source of information to identify hidden assets that were not brought up by your spouse during the divorce. There are five main sections that you should take a look at. These include Schedule A, Schedule B, Schedule C, Schedule D and Schedule E. These areas will help you to identify if they’re claiming any assets that were not listed previously.

When you enter into divorce proceedings, it’s unfortunately common for a spouse to try to hide assets. They do this with the intent that they will be able to retain the asset after the divorce proceedings are over. By working with your attorney, you may be able to find any hidden assets that need to be divided.