If you are going through a divorce, you might have to face the possibility
that your soon-to-be ex-spouse might attempt to hide assets. This not
only unethical but illegal and can result in serious consequences. However,
it can be difficult to keep track of finances for couples who have particularly
complex financial portfolios that might include a marital residence, rental
properties, bank and brokerage accounts, life insurance policies, and
more. If you were not deeply involved in your household’s finances,
it would be easy for your spouse to take advantage of the situation.
To avoid this from happening to you, you will need a qualified divorce
team to help ensure you receive a fair settlement. Oftentimes, a divorce
financial planner can help provide a clear picture of your standard of
living throughout your marriage, which can help detect any hidden assets
or income. By having your divorce team analyze your marital expenses as
a couple, it makes it easier to detect any mismatches.
You can also build up your own awareness by looking out for certain telltale
signs that indicate your spouse might be hiding assets. This includes:
1.Purchasing items that might either be overlooked or undervalued: Newly purchased items can go unnoticed, but if your spouse suddenly acquires
a new antique or artwork, this might be a red flag.
2.Stashing money away in the house or a safe deposit box: Consider your spouse’s recent activities. Has anything he or she
did give you a reason to believe cash or assets were secretly stashed away?
3.Underreporting income on tax returns or financial statements: Income that is not reported cannot be used for financial analysis. If
your spouse is doing this, he or she is trying to hide assets from you.
4.Overpaying the IRS or creditors: Your spouse might intentionally overpay to shield assets from a divorce
settlement. After the divorce is finalized, he or she will get the refund.
5.Deferring salary or delaying new contracts and holding on commissions and bonuses: To avoid this income from going on the books, your spouse might postpone
payments until after the divorce is finalized.
6.Creating phony debt by scheming with friends and family: Your spouse might make payments to friends and family, pretending to owe
them money, only to get the money back once the divorce is complete.
7.Transferring stocks or investment accounts to family members, business
partners or fake companies: After the divorce is finalized, your spouse would simply have the assets
While these are all illegal acts, it needs to be proven. This does not
mean now is the time to snoop on your spouse. Looking through private
emails or listening to his calls and voicemails can get you into trouble,
so consult your divorce attorney first. He or she will be able to advise
you on legal ways in which you can help discover any illegal behavior
regarding your assets.
One legal way for you to go about protecting yourself is to organize your
personal finances and important documents with the help of a qualified
divorce financial strategist. The more aware you are of your assets and
finances, the easier it will be to spot any discrepancies and red flags.
Divorce Attorneys in Daytona Beach
Going through a divorce can be a difficult and overwhelming process. At
Stepniak & Park, our Daytona Beach divorce attorneys understand this
process can cause a great amount of unnecessary stress, which is why we
strive to make the process run as efficiently and smoothly as possible,
lessening the cost and emotional impact of it. Backed by over 35 years
of combined experience, our firm is known for its ability to resolve cases
while keeping costs low for our clients. We will provide real solutions
tailored to your needs, taking your budget and long-term well-being into
We have the resources to represent you anywhere in Central Florida and
have a long history of working with clients who reside outside of Florida
and are in need of local representation.
Get started on your case today and call
(386) 868-4771 to schedule a free consultation.