Four Tactics Divorcing Spouses Use To Conceal Assets

CA’s Best Family Law Attorneys Give Four Tactics Divorcing Spouses Use To Conceal Assets

Sometimes one partner plans for a divorce by engaging in seemingly unscrupulous tactics, such hiding money and other assets from their spouse. This can leave the unsuspecting spouse in a compromised position, one that hinders them from receiving the financial buy out they may deserve. To ensure that your soon-to-be-ex is not hiding assets from you, contact a family lawyer experienced in this matter.

We’ve broken down 4 of the most common ways a sneaky spouse can hide assets. These sneaky divorce tactics may help you find your spouse’s assets.

1. Credit/Debit Cards – Using a credit or debit card that draws from a foreign bank account. This method is so common that the IRS established the Offshore Credit Card Program to detect tax cheats maintaining undeclared foreign accounts. 2. ‘Zebra’ Strategy – Known as commingling marital assets with business or other assets.  A spouse mixes legally declared and taxed accounts containing smaller amounts with undeclared accounts containing larger sums. 3. Asset Protection Services – Hiring an asset protection services company to establish ‘invisible’ companies to be used to open bank accounts or maintain assets with anonymity. 4. Related-Party Loans – This type of loan is a business deal or arrangement between two parties who are joined by a special relationship prior to the deal and is another way divorcing spouses can hide assets.  A savvy divorce lawyer can explain how the arrangement can be used by a spouse looking to conceal finances in preparation of a divorce. A spouse can attempt to conceal assets prior to and during a divorce for several reasons, including hiding one’s true income to obtain lower child support and pay less alimony. If you believe that your spouse is hiding money from you, it is on you to uncover any hidden monies, and to prove the actual amount of money that your husband is truly earning. If you are considering filing for divorce, or believe your spouse may be, make sure you prepare yourself by having a conversation with an expert family law attorney who is experienced in dealing with high net worth individuals and understands both family law and tax law. For more information on issues relating to hiding assets in a divorce, contact Los Angeles family lawyers Walzer Melcher LLP today.