How A Spouse May Try To Hide Assets
Divorces are rarely easy and amicable situations, and sometimes one spouse may feel entitled to more than they deserve in the divorce. When this happens, they may try and hide assets in order to walk away with more than their equitable share. At Bubley & Bubley, P.A. our experienced Tampa divorce lawyers have the experience you need to determine whether your spouse might be hiding assets in your divorce. To learn more, call or contact our office today to schedule a consultation.
Gifts to Others
One of the most common methods of hiding assets in a divorce is when one spouse will gift assets to family and friends before or during divorce proceedings. While meant to look like a gift, the intent is actually for the receiver of the gift to hold on to the assets until the divorce is finalized and then return those assets to the spouse. This is why you should get an injunction on gift giving while a divorce is ongoing and check financial records for recent gifts made prior to the divorce.
Another way that spouses try to hide assets is through the establishment of a trust. This is usually a revocable trust that has immediate family members or other loved ones named as the beneficiaries. The spouse places assets in the trust but then removes those assets and dissolves the trust once the divorce is complete.
Creating Off-Shore Accounts
Creating off-shore accounts in the Cayman Islands or other financial havens is another way that a spouse may try and hide assets. Certain places like the Caymans make it difficult to determine who has accounts or access to those funds. A spouse may establish accounts in these locations in order to hide assets during a divorce. Relatedly, a spouse may also create accounts stateside in the name of children or other family members in order to hide assets during the divorce.
Hiding Assets in a Business
If a spouse owns a business or has business interests, they may try to hide assets in the company. This can be done in a number of different ways, such as undervaluing the company or holding off signing a large contract until the divorce is complete. They may also pay off large liabilities to make it look like the business has less revenue to drive down its valuation for a divorce. To learn more about the many ways that a spouse may try and hide assets in a divorce, talk to our office today.
Call or Contact Us Now
Do you have more questions about whether your spouse is hiding assets in your divorce case? If so, the experienced attorneys at Bubley & Bubley, P.A. are here to help. Call or contact our office today to schedule a consultation of your case now.