In a previous blog post, we discussed the immoral and illegal conduct of hiding assets during a divorce. Some Virginia residents may try to keep the larger portion of assets without allowing it to be split, as per property division laws. Understandably, this is unfair to the spouse who gets the short end of the stick, especially if he or she is already at a financial disadvantage – a fact that is often present among divorcing couples.
It can help to understand how a spouse may be hiding assets. According to DailyFinance, the following scenarios are commonly attempted by unscrupulous soon-to-be-exes:
Your spouse did not get a bonus or yearly raise that was previously normal. This may be a sign that he or she is having an employer withhold these funds until the divorce is final.
He or she might be deliberately overpaying the IRS in taxes or payments to creditors, with the intent of later getting a refund.
Bank statements might stop coming to your house, being mailed to his or her place of employment instead so you’re unable to see your household’s financial information.
Your spouse might transfer some of your assets to a friend or a secret account or might purchase costly personal items to reduce some of the profit you stand to make during the divorce.
Any of these situations may be even more nefarious if you don’t realize that your spouse is planning for a divorce. Also, your spouse may seem secretive and become unreasonably defensive or angry if you raise the topic of missing assets. This information is meant to be helpful but should not be taken as legal advice.