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Is your spouse hiding assets?

On Behalf of | Feb 15, 2020 | Divorce |

When Connecticut couples divorce, the process of dividing assets is often a headache. Unfortunately, some opportunistic individuals use this as a chance to hide assets. Today we will look at the reasons why people do this, and signs to keep an eye out for. 

Forbes examines why spouses hide assets during a divorce. They may do this for many reasons. In some cases, the spouse hiding assets feels as though they do not “owe” their partner anything. They may think their partner has already “taken” enough from them. To keep them from claiming anything else, they go to lengths to hide assets. 

There are as many methods of hiding assets as there are reasons to hide them. One of the most common ways is by handing money off to trusted friends or family members. This is often done under the guise of paying back old debts. In reality, the person holds onto the money until after the divorce. They then return it to the spouse. 

If a spouse does not want you to get money but is not determined to keep it, they may also begin spending big. They could buy lavish gifts for other people. They may go on expensive trips. They could develop a taste for luxury items or high-end restaurants and experiences. By spending their assets on themselves or other people, they do not have to “give” them to you. 

If you believe a spouse is hiding assets, it is possible to bring a forensic accountant on board. Even without one, attorneys are experts in locating hidden assets.