Imagine finalizing your New Jersey divorce and walking away feeling content with your share of the limited assets you and your spouse held together. A few months later, you spot your ex bragging on social media about the new yacht he bought. Unless he just won the lottery, you might be right in thinking that he was hiding assets from you — and you might be right.
Here are some of the ways a person can hide assets from their spouse during their marriage and the divorce procedure:
- Keeping secret accounts: When you have various bank accounts, you may assume they contain all the money you and your spouse own. Yet it is simple for your spouse to maintain a separate bank account, which they do not tell you about and do not disclose during divorce proceedings.
- Buying property in someone else’s name: Imagine your wife wants to invest in property but does not want to run the risk that she needs to share it with you if your marriage ends. She could pass the money to her brother, who purchases the property in his name, then transfers it to her once you finalize your divorce.
- Overpaying bills: If your partner owns a business, he could overpay the yearly tax bill. By doing this, his company will appear to be worth less than it is. Once you are divorced, he can reclaim the overpayment.
If you believe your spouse is hiding assets from you, seek the help of an experienced New Jersey divorce attorney. They can assess the situation and bring in forensic accountants if needed to ensure your partner does not cheat you out of your share of the property.