Could my spouse be hiding marital property?
If you are in the beginning stages of divorce, you may have concerns over the possibility of your husband or wife concealing marital assets. Effective property division proceedings depend upon the accurate valuation and distribution of marital property. Therefore, your divorce settlement could be seriously impacted by efforts made by your spouse to hide assets. Provided below is general information regarding some of the ways that marital property can be concealed and revealed in divorce proceedings.
Discussing some of the unethical and illegal actions that can occur in divorce, the Forbes website explains that spouses have been known to take a number of measures to prevent assets from being subject to property division processes. If you and/or your husband or wife has been thinking about divorce for a while now, he or she may have had the time and opportunity to begin moving assets. For instance, your spouse could have made one or more large purchases for him or herself using marital funds. Beyond that, he or she could withdrawal money from your joint accounts and place it into a personal safe.
Another thing that your soon-to-be ex-husband or wife could do to conceal marital property is to manipulate whether and how assets are reported to the IRS. Overpaying on his or her taxes now could result in an IRS refund that is issued after your divorce is finalized. Similarly, your spouse could avoid having his or her real income subjected to financial analysis if it was underreported on his or her tax returns.
Fortunately, marital property that is concealed by a spouse can often be found during property division proceedings. In the process of determining the standard of living that was maintained in your marriage, for instance, a divorce financial planner may come across such discrepancies. It is important to note, though, that the specific circumstances of your case are unique. Therefore, the information provided here is not intended to serve as legal advice.