Couples divorce for a number of reasons, but many couples report that they lost trust in their partners, which is why they decided to end their marriage. If divorcing spouses no longer trust each other, it’s not far-fetched that one or both individuals could be hiding assets. If you’re a Delaware resident and facing divorce, it’s best to ensure that you are aware of all your marital assets before taking your divorce to a family law judge.
Which hiding spots or tactics do people use?
It’s important to understand how your spouse may try to hide assets so you can track the assets down and present the evidence to your attorney so they can be properly divided. Typically, people will try to hide assets by denying that the assets exist or secretly transferring the asset(s) to a third party. Sometimes, a spouse may try to claim that the asset has been misplaced or create false debt to conceal the asset. Be sure to keep a paper trail of all your marital income, debts, and financial matters so these documents can be used to prove whether your spouse is trying to conceal assets for the purpose of keeping the money for themselves after the divorce. These documents are necessary for a family law attorney to increase your chances of a fair divorce settlement.
Red flags to look out for
Before you present your divorce case to a family law court, you should look through your tax returns to check for discrepancies. Pay attention to the “schedules” in your tax documents so you’ll notice things like itemized deductions (Schedule A), interest and dividends (Schedule B), profit or loss from a business you own together (Schedule C), or capital gains and losses (Schedule D).
Speaking with a qualified family law attorney can help make your divorce process more efficient and work with you to find hidden assets so you can get the settlement you deserve.