Hidden Assets in Divorce Cases

Hidden assets in divorce cases can impact both the property division and the award of support payments. For many women, the existence of assets they knew nothing about can have a significant impact on them for years to come.

Assets hidden by their husbands quite simply deprive them of their fair share. It's even worse if an asset that is is hidden is "income producing"... something like a business venture or an investment portfolio. The income that is produced should be factored into child support and spousal support, but if the asset is hidden, there is no way for that to happen. That means the recipient of the support payments will get less than he or she is entitled to.

What kinds of assets are usually hidden during a family law case?

• Bank accounts – It is easy to open a bank account without your spouse ever knowing, so this is a very common tactic. Your husband may have opened an account and transferred money from a joint account to the secret account. Or he may be diverting some of his pay to this secret account, especially if the pay is something like overtime, bonuses, or commissions. Those types of pay are easier to hide because the spouse may not be expecting them or may not know how much the pay should be.
• Real estate -  Your husband could have purchased a piece of land, another home, or a rental property without telling you. Does this sound farfetched to you? Maybe you think it would be too hard to do this because it's too much money and you would have noticed. But if you're not actively keeping an eye on the money, this could have happened and you would have never known. In the days of low mortgage interest rates and zero down payments, it was even easier to acquire real estate.
• Collectibles, including antiques, sports memorabilia, jewelry, coins, and artwork – These types of assets are easy to acquire, especially little by little. You may not realize that money is being spent on them. And often, these items are small so they're easy to move and hide.
• Assets transferred or sold to related parties – It would not be unusual if your husband transferred money or valuable assets to a friend or family member. It is common for the ATV or motorcycle to suddenly end up in the hands of his brother. Or for his friend to need "a loan." We all know the truth about these things: Your husband is giving assets to someone else while you're getting divorced to cheat you, and he'll get them back after everything is final and you can't touch them.

 
How do you protect yourself from these shady money moves? Start making a list of all the assets you know about. Add to your list as you remember things. You'll be surprised at the things you remember and what you can add to the list as time goes on. Making a list like this should be done very early on, so you have time to look into things and figure out where the assets are.

One of the best ways to figure out what has been happening with your family's money and other assets is by digging into your bank account statements. There are often clues to the movement of money and assets sitting right in these statements... you just have to know what to look for. Let me show you how.