Are you getting a divorce soon? If so, you may have concerns about the property division process. You should be aware that your spouse may try to hide assets to avoid fairly distributing assets. The law requires your spouse to disclose all assets during the divorce process, but some people try to lie in order to keep assets to themselves.
According to Forbes, hiding assets is surprisingly common. But how can you tell if this is happening? Read below for some of the ways your spouse may try to lie about property, income or debts.
In order to prevent you from getting your fair share of spousal or child support, your spouse may report a mysterious reduction in income. He or she could also work with his or her manager to postpone a bonus or raise until the divorce is final.
Another shady tactic is to inflate expenses. Your spouse could purchase expensive antiques, art, jewelry or other items to easily sell after the divorce. He or she could also pay a phony debt to friends or family only to get it back later.
If your spouse owns a business, he or she could postpone expense reimbursement. Another strategy is to pre-pay suppliers only to get a refund later. He or she could also add friends or family to the payroll and have them pay the money back down the road.
Your spouse may not want you to get ahold of some of his or her prized assets. He or she could report a sudden decrease in the value of assets or transfer assets to friends or family to get them back later.
Getting a divorce always comes with frustrations and complications. However, it can be especially angering if your spouse tries to cheat you out of your fair share of marital property. Keep an eye out for these signs.