Once divorce begins, some people try as hard as they can to hold onto wealth and assets. Secret accounts and shady financial activities are common in divorce, especially if there are significant assets. If your husband hides assets, you will not get a fair settlement.
This is why it is crucial to be aware of how husbands hide assets and how you can find them. Below is an overview of how your husband might hide assets and tips on how you can identify them.
1. Tax returns
Start going back through tax returns over the past few years. Your husband might have underreported his income. Look for inconsistencies and any existence of real estate holdings or trusts you did not know about.
2. Deferred salary or benefits
If your husband has a good relationship with his boss, they might work something out together. For example, his boss may delay a bonus, pay raise or stock option so it is not subject to asset distribution during divorce. This way, your husband would get all of it.
3. Creating phony debt
Your husband may also use a close friend or family member to disguise wealth. According to Forbes, creating phony debt with a friend is a common tactic for hiding assets. Once the divorce is over, the spouse pays off fake expenses or loans.
4. Savings accounts
Take a look at suspicious deposits and withdrawals from savings accounts. These could indicate dividend-producing investments. Make copies of savings accounts statements before you divorce so you have access to them.
5. Stock transfers
Your husband could transfer stocks or investments to business partners, family members or shell companies. Once the divorce is over, your ex could simply transfer the assets back.
There are many other ways your husband could hide assets. You should talk to an attorney about using the discovery process to bring any hidden money or property into the light.
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