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How do people hide their assets?

On Behalf of | Sep 6, 2022 | divorce | 0 comments

When going through divorce, it is not all that uncommon for one spouse to consider hiding assets. However, fewer people actually go through with it.

In the cases where it does happen, it is beneficial to understand how asset hiding occurs and what people do in order to hide their assets.

Reasons for asset hiding

Forbes talks about hiding assets during a divorce situation. First, how does asset hiding work? It can involve any method in which a person will obscure or otherwise obfuscate their assets or sources of assets.

They will do this for various reasons, but most of those reasons involve their soon-to-be ex-spouse in some way. For example, some people want to spite their ex, feeling as though the ex-partner does not deserve any of their assets. Others simply feel it is unfair for an ex to get any of their assets, especially if they feel financially insecure.

How people hide assets

Spouses who attempt to hide assets may do so in numerous ways. In many cases, this involves transferring assets from one form to another. For example, someone may buy a car with the intent of selling it and regaining that money after the divorce gets finalized.

More recently, people have used digital wallets in the same way. They buy into cryptocurrency with the intention of keeping any profit to themselves or intending to cash out after the divorce is over.

Whatever the method, hiding assets is illegal. If someone suspects their spouse of attempting to pull this off during the course of their divorce, they have a right to take action and protect their fair share of assets.