An article on Forbes.com asks the tough questions: Could your husband be hiding assets? And if he is hiding assets, does that mean that you won't get the divorce settlement that you deserve?
If your husband wants to undervalue or disguise assets from you, he may:
- Purchase items that could easily be overlooked or undervalued. Maybe no one will notice that expensive antique/carpet that's now at his office? Were you wondering why he recently made several significant additions to his coin/stamp/art collection?
- Stash money in a safe deposit box, somewhere in the house or elsewhere. Think through your husband's recent habits and activities. Does anything lead you to believe he is hiding assets in actual cash?
- Underreport income on tax returns and/or financial statements. If it's not reported, it can't be used in a financial analysis.
- Overpay the IRS or creditors. If your husband overpays, he can get the refund later, after the divorce is final.
- Defer salary, delay signing new contracts and/or hold commissions. This trick means this income won't be "on the books" during the divorce proceedings.
- Create phony debt. Your husband can collude with family members and/or friends to establish phone loans or expenses. Then, he can make payments to the family members or friends, knowing that he'll get all the money back after the divorce is final.
- Set up a custodial account in the name of a child, using the child's social security number. He could also use his girlfriend's social security number, in which case it might be difficult to locate the account.
- Transfer stock. Your husband may transfer stock/investment accounts into the name of family members, business partners or "dummy" companies. After the divorce is final, the assets can be transferred back to him.
The full text of the article can be found by clicking here or visiting Forbes.com.
Call The Family Formation Law Center to determine what rights you have during your divorce at 310.598.6428 or email Info@FamilyFormationLawCenter.com.
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