Dietz Family Law PLLC - Divorce

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Where is the best place to hide assets in a divorce?

On Behalf of | Jun 9, 2022 | Divorce |

If you are worried about losing specific assets when you divorce or feel that you deserve to get more than your spouse, you might wonder where the best place to hide them is.

The answer is nowhere. You would be breaching the divorce terms where you promise to disclose all assets. Doing so could result in the divorce judge awarding your spouse a greater share of assets or giving them the asset you tried to hide.

Your spouse, however, may have fewer scruples. If you suspect they are hiding assets, here are a few places to look:

Offshore

If you see emails from Swiss banks or financial institutions in the Cayman Islands, watch out. They encourage foreigners to keep their money there in return for secrecy and low taxes.

Cryptocurrency

More and more people are turning to this as they know most people still do not understand what it is. Anyone can go and knock on a bank’s door. Few would have a clue how to start tracking down funds held in the cloud.

Items around the house

Your spouse may be hiding money from you right under your nose in items worth far more than you realize.

In unpaid bonuses or overpaid taxes

Your spouse could delay collecting a bonus or dividend until after you are divorced. Or they could pay too much tax, knowing that you will have no claim to it by the time the IRS refunds it.

The worry of losing assets in a litigated divorce can lead some people to hide assets. By opting for a collaborative divorce, you encourage openness, hopefully reducing the chance your spouse feels the need to hide property from you.

 

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