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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

What to do if your ex-spouse is hiding assets

On Behalf of | Apr 5, 2021 | Divorce |

There are many reasons couples decide to end their marriages, but it’s common for ex-spouses say that a lack of trust was one of the main factors that led to divorce. When trust is compromised in a marriage, it’s not far-fetched to think that one or both spouses could be hiding assets. It’s best that both spouses are aware of all assets throughout the entire divorce process. If you’re divorcing in Florida, a legal professional may be able to help you find out if your spouse is hiding assets so that you can reach fair settlement terms.

Hiding spots to check

When you understand how people might hide their assets, it can be easier to track the assets down. Typically, individuals hide assets in one of these four ways:

  • Claiming the asset has been misplaced
  • Claiming that the asset doesn’t exist
  • Transferring access or benefits of the asset to another party
  • Creating counterfeit debt

Proving that your spouse is using one or more of these methods can be difficult, and a paper trail is usually required for evidence. The divorce proceedings can take longer if your spouse has taken extreme measures to hide assets.

Warning signs to look for

As you review your tax reviews from past years, certain items and errors in reporting these items could be a sign that your spouse is hiding assets. Working with a tax advisor and divorce attorney may help you determine if there are deductions, interest and dividends, profits and losses, and supplemental income that you should be entitled to after your divorce.

Consulting with a lawyer throughout your entire divorce process may make the proceedings more expedient and increase the chances that you’ll get the assets you deserve. If you suspect that your spouse is hiding assets, a lawyer may explain the next steps to take.