What is asset hiding? As a person heading into a divorce soon, or already starting the process, you have likely heard the term before.
It is important to understand what asset hiding is so you can better protect yourself and your rightful assets, ensuring that you get your fair share during the split.
What is asset hiding?
Forbes talks about asset hiding in divorce situations. But first, what does it mean to hide assets? A person will do this when they do not want to divide all of their assets equally with their partner for whatever reason. To accomplish this, they “hide” some of their assets or sources of assets.
This can look different in any situation. Some people may hide their assets by transferring them to a different form of asset. For example, if your spouse bought a new car, the car itself is not eligible for property division, but the money used to buy it would have been.
Many people who hide assets intend to get their money back after these tactics. Someone who bought a new car could easily sell it again, for example.
Others use even more elaborate methods of hiding assets. For example, a business owner may create fake employees to pay, collecting those paychecks for himself or herself and keeping that income without offering it up for division.
An illegal trick
Asset hiding is illegal due to the unfair situation it creates between partners. Thus, if you notice any signs that your partner may be attempting to hide assets from you, consider taking legal action to ensure that you get your fair share.The post What are popular methods of hiding assets? first appeared on Leslie L. Abrigo, APC.
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