Divorce is a naturally confrontational and uncomfortable situation, and there are times when it can get even more frustrating than usual. One of these situations occurs when one spouse tries to hide assets during the divorce process.
Although this practice is illegal and comes with its share of penalties, hiding assets happens more often than you might think, and there are a handful of common ways in which spouses attempt to hide assets from the other.
In Arizona, divorcing couples who hide assets or discover hidden assets are forced to deal with even more complex divorce issues that can affect the overall outcome of the split, both financially and personally.
Common Ways Assets are Hidden During Divorce
Assets can include property, cash and other items of value that would normally be recorded and divided during the divorce proceedings.
Assets that are hidden are frequently done so by:
- Putting money in a safe deposit box or other secure location
- Purchasing items that are often overlooked, like office furniture
- Overpay the IRS or creditors in order to later receive reimbursement
- Defer salaries or bonuses in order to delay or reduce taxable income
- Transferring stocks and other investments into a family member’s name
Hidden assets may be discovered during the divorce process, and although these are common areas of deception, many spouses go to many lengths to hide their property. The behavior is unethical and can significantly affect the division of marital property.
There are many reasons spouses hide assets during the divorce process, and although none of them justify the practice, it is done so routinely that many divorces involve hidden assets without the knowledge of the affected spouse.
Getting Help with Your Divorce Case
At JacksonWhite Law, we understand how sensitive family legal matters can be. When a spouse is hiding assets or doing other unethical activities that can affect your divorce outcome, we want to help.
Call the Family Law Team at (480) 467-4348 to discuss your case today.
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