Harry Lewis Co., LPA

Blog

Call Today 614-721-7737

Worried that your spouse may hide assets? Here's how.

You're concerned that your spouse is going to try to hide some assets from you during the divorce. You know he or she isn't thrilled about splitting things up, and you're no longer on good terms.

If you're worried, here are a few things to watch out for. This is how people often try to hide their wealth.

1. Faking expenses.

Does your spouse own a company? He or she may inflate expenses or lie about them directly to create an exaggerated view of financial liabilities.

2. Giving out loans.

Watch out for gifts or loans to friends and family members. Some people decide to "give" money to friends with the understanding that the friend will give it back after the divorce. This can be a simple gift, or they may come up with an elaborate scheme.

3. Stopping payments.

Your spouse is supposed to be paid $250,000 for a shipment. He or she asks the buyer to hold off for a few months, waiting until the divorce is over before accepting the money.

4. Lying about values.

Your spouse reports that a painting that was bought for $25,000 is only worth $10,000, or your spouse claims your vehicles have almost no value since they're getting older, even though you know you put around $100,000 into those cars.

These are just four examples, but they help to show you how many different options someone has to hide assets or distort their value. This is not legal, and, if you think your spouse is intentionally trying to rip you off, be sure you know all of the legal options you have.

Source: Huffington Post, "Be Smarter: 8 Ways Your Spouse Can Hide Assets Before A Divorce," Roxana Maddahi, accessed Sep. 19, 2017

No Comments

Leave a comment
Comment Information

Harry Lewis Co., LPA | 625 City Park Ave. | Columbus, OH 43206 | Phone: 614-721-7737 | Map & Directions