It’s fairly common for people to hide assets during a divorce, even when the spouses are parting on amicable terms. To ensure the divorce settlement is fair to both parties, it may be necessary to hire a Divorce Attorney in Dayton Oh to help locate hidden money or property. Here are a few ways people attempt to conceal assets from their soon-to-be-ex-spouses.
Giving Assets to Friends and Family Members
Possibly the most common way people hide assets is to give them to friends and family members to hold. Some people will go so far as to actually sign over ownership of the item and/or accept a payment for it to make the transfer of assets appear legitimate. For instance, a husband may sell a valuable painting to a friend for significantly less than it is worth to keep his ex-wife from getting it.
Another trick that many people pull is to place assets in safety deposit boxes or purchase bonds, stocks, and other valuable items in the names of children or other family members. Repaying fake loans to friends or overpaying for worthless items purchased from family members are other ways people try to hide cash.
Purposefully Reducing Income
To minimize the amount of money they have to pay for alimony or child support, some people will purposefully reduce their incomes. This may be done in a variety of ways. For instance, a person may ask his or her boss to postpone giving bonuses until after the divorce is finalized. If the person owns a business, the individual may skim cash from the company until after the divorce settlement has been signed. A third tactic is to purposefully reduce hours or delay taking on new business.
Regardless of how the person attempts to hide income and assets, there are several things a Divorce Attorney in Dayton Oh can do to uncover the deception. This may involve subpoenaing bank records and tax returns or interviewing friends and family members about the circumstances of the transfer of assets into their possession.
People going through a divorce or suspect their ex-spouses are hiding assets should contact an attorney as soon as possible to find the missing assets and prevent the person from hiding more.
