No one is legally permitted to hide assets during divorce. Financial statements need to be made to the court that fully disclose all of the assets the couple holds – bank accounts, investments, overseas accounts, savings, real estate, business ownership, etc.
Unfortunately, this does not mean that your husband is going to adhere to the rules. He may try to hide assets, keeping them from being divided correctly during the divorce. How do you know if he’s doing so?
Unexpected transactions
One thing to watch for is if he starts moving money around in unexpected ways. Giving money to a friend or family member is one common way to hide assets, for instance, so look for large withdrawals without any other reason. It’s also wise to watch electronic transfers to see if he moves money into another financial account.
New purchases
Another tactic he may use is to buy new assets that are likely to be undervalued. Say he claims that a piece of artwork is only worth $10,000 during the divorce, while knowing he could actually sell it for $100,000. You may deserve a portion of that other $90,000 that he is trying to keep from you.
Long-term tactics
Finally, some people spend years setting assets aside. Maybe your husband just took an extra $100 out every time he went to an ATM, and then he put the money into a safe deposit box. These are still marital funds, but he may “forget” about them and not tell the court.
It’s very important to know what legal options you have at this time, especially when protecting the assets you deserve!
At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is considering divorce, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
Let Me Be Your Brave
Mia Poppe, Esq.
Managing Partner