Asset hiding serves as an ongoing issue among divorcing couples and it has existed as long as asset division itself.
What is it, exactly? It is important to understand the purpose behind asset hiding, along with how people attempt to do it.
How people hide assets
Forbes talks about certain assets that end up hidden in plain sight. Other assets get tucked away intentionally, with the person hiding them attempting to keep them as far out of sight and detection range as possible.
Classic means of hiding assets usually include physical money or items. For example, a person may buy expensive items like cars or electronics with the intention of selling them or returning them after the finalization of the divorce, thus getting their money back.
In other situations, people who own businesses have created fake employees to “pay”, then keep that sum of money for themselves. Others pretend to repay a loan to a family member or friend, when in reality that person intends to return the cash after the divorce.
Why people hide assets
Many people want to hide assets because they do not feel their soon-to-be ex-spouse deserves a share of their money, land, or so on. Others may feel a genuine fear for their ability to continue enjoying their current standard of living if they lose too much to an ex.
Whatever the case, these acts are always illegal. If someone suspects their spouse of attempting to hide assets in the divorce process, they can take actions to ensure that they do not end up cheated out of their fair share.