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Is your ex hiding assets? Here’s how they’ll do it

As you and your ex go through the divorce, you know that your marital assets are supposed to be divided between the two of you. You also know that your ex is unhappy about that and wants to keep most of the assets for themselves. You believe they’re going to try to hide assets so that the court doesn’t know they exist and can’t divide them.

But how are they going to do it? Here are a few potential things they may try.

Keeping money off the books

If they just want to hide a small amount of money, they may do it in a safe deposit box. They could also just keep cash in the car, at work or in their office. People who do this often take many withdrawals over a long period of time, hoping no one will notice, and slowly amass as much as they can.

Lying about the value of assets

Your ex may also invest in assets that he or she knows are hard to value. For instance, your ex could buy a piece of artwork that they know they can sell for $20,000. They’ll then act as if it’s only worth $2,000. If you don’t know what it’s worth and don’t have it appraised, they’ve essentially hidden the other $18,000.

Giving their money to others

A final option that people use is that they just give away their money. The trick is lie about the reason and to pick someone they can trust to give the money back later. For instance, they may claim that they owed their sibling $30,000 for a debt from years ago, that they’d forgotten about. They will then give their sibling the money, with the understanding that the sibling will wait for the divorce to end and give it back.

Hiding assets is illegal

These examples show how easy it is to hide assets, but remember that it is also unfair and illegal. If you think that your ex is doing this or if you worry that they may try, you definitely need to know what legal options you have.