If you are divorcing, you will each need to present the court with a complete list of your assets. Being honest here is crucial to ensure a fair split in accordance with state laws.
Unfortunately, some spouses do not behave fairly, and attempt to conceal assets from their spouse and the court to keep them for themselves.
There are several ways of doing this, some more blatant than others:
Misvaluing assets
Let’s say you have a small art collection in your house, and while you appreciate the works, it was always your spouse who did the selecting and buying. If you ask them to list the collection’s current value, they may believe they can get away with putting a much lower price on it. They’ll tell you it is worth $100,000 and figure that into the overall settlement, allowing you to take $100,000 elsewhere.
If you do not bring in a professional to ascertain the collection’s real value, you might never realize that your spouse is lying and the collection is worth far more.
Concealing assets
Maybe your spouse has a secret bank account they have been moving money into for some time. Perhaps they made investments they never told you about or bought a property in a friend’s name with the intention of reclaiming it after the divorce. Other attempts to cheat you could include pretending to have given money away to charity or delaying receiving bonuses or payouts due to them until after the divorce is over.
If you suspect your spouse has been dishonest about their finances during the divorce process, you may need to learn more about your options.
