Tricks used to hide assets during a divorce

On Behalf of | Aug 29, 2019 | High Asset Divorce

Texas residents who are contemplating divorce may find it interesting to learn some of the ways that spouses try to hide assets from each other in the months or years leading up to divorce. Many people have the idea in their head that when discussing a spouse hiding away marital assets, the conversation is always about a man hiding money from his wife. However, the modern reality is different. In many homes, both spouses earn the same amount of money. It is not uncommon for the wife to be responsible for managing finances, including paying bills and monitoring investments.

However, deeply entrenched stereotypes have led to some people having blinders on to the point where they do not realize that their spouse is hiding assets from them. One warning sign to consider is a spouse who has a newfound interest in cryptocurrencies. When the spouse asks what’s going on, they may be met with silence or deflection. The truth is that many spouses see cryptocurrency as a safe spot to hide money until the divorce is done.

A spouse should be on the lookout for small yet regular transfers from their bank account or from PayPal. Some cryptocurrency trading sites will accept goods in exchange for cryptocurrency. If large purchases are made online but the purchased item never arrives, this may be an indication that a spouse is using cryptocurrency as a way to store away money until after the divorce.

When beginning the divorce process, a person may want to talk to a family law attorney. Family law attorneys have experience in dealing with divorce and may explain some of the tricks that spouses employ in an attempt to hide their true worth. Family law attorneys may be able to provide advice on the valuation of assets. They may have access to forensic accountants and other professionals who can help a spouse get a clearer picture of their soon-to-be ex-partner’s financial situation with the goal of getting the compensation they are due.