Sjoberg & Tebelius, P.A.
Serving Minnesota & Western Wisconsin
651-315-8856

Where Might my Soon-to-Be Ex Bury Assets?

dog dig.jpgDivorce often doesn't bring out the best in people. Divorcing spouses often feel defensive, angry, and scared, and these emotions can drive people to do things they know they shouldn't do.

For instance, people can be tempted to bury assets when they are going through a divorce in an effort to shield them from division. However, hiding assets is unlawful and unwise. If you believe your ex might be hiding assets, there are some places you can start looking to uncover them.

Bank accounts

If you are not familiar with your family's finances, it could be fairly easy for your spouse to take or conceal money in bank accounts. Your soon-to-be ex might be withdrawing money for your shared accounts and moving it to a private account, or he or she might start diverting money from their paycheck to undisclosed accounts. To dig deeper, find and examine transaction activity on your shared accounts.

Loved ones

It is possible that your in-laws or friends could be helping to conceal assets. They might take out "loans" or "borrow" property during the divorce and then return the money or property once the divorce is final.

Digital hiding place

Tech-savvy spouses might attempt to hide assets digitally. One way to do this would be to convert marital money to cryptocurrency or invest in cryptocurrency without disclosing it during the divorce.

Businesses

If your ex runs a business or has a close relationship with his or her boss, then it could be possible to conceal assets using the business. He or she might do this by deferring bonuses, fabricating salaries or undervaluing business assets.

In some cases, spouses can uncover these discrepancies and suspect behavior on their own. In other cases, a forensic accountant or legal professional can be a valuable resource.

If you suspect your ex is hiding assets, it is crucial that you pursue lawful means of investigating your suspicions. You can discuss these options as well as your rights to an equitable distribution of your marital assets with your attorney.

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