You would hope once you and your partner decide to file for
divorce, the lies and deceit would end. Unfortunately, that is not always the
case. According to a study conducted by the National Endowment for Financial
Education, 2 out of 5 adults admit to committing financial infidelity
in their relationships. Furthermore, that same survey found that 75 percent
of the group interviewed said that financial deceptions have affected
If you are heading into a divorce and facing
property division disputes, our Collin County & Frisco divorce attorney has created
a list of the five most common ways spouses try to hide assets from each
other during divorce proceedings.
1.Friends & Family: Your husband could be scheming with his close friends or family to funnel
money out of the marital accounts by purchasing false products from them
or making payments for fake services. After the divorce is finalized,
that family member or friend will likely pay your husband back the money
he paid them for the fake products or services.
2.Custodial Accounts: Another way we have seen spouses attempt to hide money from another is
opening up custodial accounts for your children using their social security
accounts. If your spouse did this, they would be breaking many laws. While
they would be hiding assets, opening custodial accounts irrevocably transfers
the assets to your children meaning any money later removed by your spouse
in a manner that does not benefit your kids is considered stealing.
3.Safe Deposit Box: Your wife could also try to store cash in a safe deposit box. This could
be hidden somewhere in your home or at the office. Other ways spouses
try to hide money is stashing it away in odd places around the house.
Before the divorce is finalized, do a deep clean of the house. Shake out
all the books, flip the mattress, and check your medicine cabinet for
any expired pill bottles that might be housing something other than aspirin.
4.Luxury Purchases: Purchasing expensive artwork, furniture, and hobby items during the marriage
that your spouse fully intends to resell is another way spouses hide assets.
5.Fake Employee Salaries: If your husband or wife owns their own business, they could be hiding assets
by paying a fake employee salary. Running an audit for the payroll department
will quickly reveal if these fraudulent checks were ever cashed or if
they were voided.
Have you discovered hidden assets during your divorce? Contact our
Collin County divorce lawyer to for guidance on what to do next.