After the court enters its order to divide assets, and the divorce becomes final, making it is nearly impossible to reopen the case for a division of assets that had not been discovered during the divorce proceedings. Even in limited circumstances in which the court has the authority to reopen the case, there are strict time limits established for the distribution of newly discovered assets. If you feel your spouse is hiding assets, it is vital you find those assets while the divorce is in process.
Some Ways Spouses Hide Money and AssetsThere are myriad methods a spouse may use to hide assets and funds from their partner. Such techniques may include (but are not limited to):
- Colluding with a boss to delay the payment of bonuses or stock options until after the divorce;
- Transferring any real estate in their name to a trusted family member or friend who promises to return it after the divorce is final;
- Valuing antiques, art, or any valuable collection far below market value or hiding the items with a friend so they can claim the goods were given away;
- Withdrawing large sums of money from bank accounts;
- Taking frequent small sums of money out of the bank with a debit card in hopes their spouse will not notice any money is missing; and
- Purchasing expensive items with the intent of returning or reselling them after the divorce.