Hiding Assets in a Kentucky Divorce
Divorces are hectic. There is a lot going on. There are many elements involved, and it is easy to get overwhelmed.
At some point, you will need to disclose all your assets. This means you will be required to inform your lawyer of everything you own so that it can all be split in the divorce.
This is an important part of the process. If you fail to do this properly, you can be accused of hiding assets. Many people try to hide assets on purpose because they do not want to split them. This is against the law and is considered contempt of court. This can result in fines, jail time, and other consequences.
People hide assets in many ways. Some are simple, while others are more sophisticated. Here is what you need to avoid.
How People Hide Assets
If you feel like your spouse is hiding assets, it is best you file a motion on the onset of your case to prohibit any marital assets leaving the estate. However, be on alert for the following actions by your spouse:
Hiding cash
This is the most obvious way, but it is the easiest way to hide cash. It is also the easiest to detect. If your spouse is planning to leave you, they may make frequent cash withdrawals and then hide the money somewhere in the home. Check your bank
Buying expensive items
If you are one to simply ignore things and hope they will go away, guess what? You cannot do that with a divorce. Well, technically, you can, but it will not work out in your favor. Court dates are not optional. If you miss court hearings, the judge will likely order a default divorce, which means your spouse will get their desired settlement.
Loaning money to friends and family
If you are noticing huge sums of money withdrawn from the bank account, your spouse may claim that they are lending money to a friend or family member. The person will keep this money safe until the divorce is finalized, then your spouse will get the money back.
Delaying promotions or bonuses
If your spouse is expecting a bonus or promotion, they may try to delay it until after the divorce so that they do not have to share their wealth with you. This can be hard to determine, but your lawyer can ask the employer about the situation.
Using cryptocurrency
This is a newer tactic that people use to hide digital currency. It is estimated that more than 20 million people in the United States have some sort of cryptocurrency. Cryptocurrency such as Bitcoin can be hard to track mostly because many people are unaware it even exists. Forensic experts have ways to find it, though. They may search devices for login credentials, check for confirmation emails from exchanges, and review bank statements and tax returns.
Contact Us Today
People do not like to share when it comes to divorce, but hiding assets is a huge no-no. It is an immoral thing to do. Just be honest upfront, and you will be fine.
The Kentucky divorce lawyers at Velez Law, PLLC, can help you understand asset division and the various laws you have to follow when you end your marriage. Fill out the online form or click below link to schedule a consultation.
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