Why worry about hidden assets when divorcing?

On Behalf of | Apr 19, 2022 | Family Law |

“Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.”

The quote is from “Rich Dad Poor Dad” author Robert Kiyosaki and you should remember it if you are about to divorce a wealthy partner.

People do not get rich by giving their money away. They often go to ridiculous extremes to avoid giving any away, despite having more than they could ever need.

Divorce poses one of the biggest challenges to someone with wealth. If you are their spouse, do not assume they will play fair. They probably have a team of advisors offering them different ways to squirrel assets away out of your reach.

Where do people hide assets?

There are many places, including:

  • In another country or state that offers secretive trusts
  • In cryptocurrency
  • In investments in the name of family or friends
  • In art or objects that most people do not know the value of
  • In safe deposit boxes
  • In overpaid taxes which will later be refunded
  • In delayed bonuses or payouts

Hiding assets is illegal in a divorce

A court requires you both to list all the property you own. If you suspect your spouse has omitted to include something, you need to find as much evidence as possible. Remember, they probably had plenty of help to hide the money, so do not expect to find it alone.

Presenting any findings to the judge may result in them awarding you a greater share of any concealed assets which you legally have the right to a portion of in a divorce.

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