Since asset and property division is part of the divorce process, you would think your spouse would release the bank statements, pension plan information and other documents showing all monies he or she attained throughout the marriage.
Unfortunately, although your spouse may release information, some may get held back. Hiding assets is sneaky, unethical and illegal. Do you know if your spouse is keeping things from you?
Your spouse can hide money in countless ways. These may include:
- Stashing money in multiple places such as a safe deposit box or places hidden through the house
- Underreporting income on tax returns or financial statements
- Creating phony debt
- Delaying commissions or bonuses
- Transferring stock accounts into the names of family members, business partners or dummy companies
Another way to hide money is through overpaying the IRS. In this manner, your spouse can receive the refund later after the divorce is final.
Hidden property can include both real and personal properties. Your spouse may list items as undervalued or not add them at all. Look for property such as:
- Hobby equipment
Expensive gifts to other individuals from your spouse may signal he or she has more money than what the financial documents show. Is there a new partner? Did your spouse give this person expensive jewelry or pay for a first-class vacation?
Illegally hiding assets can result in severe consequences. Tennessee is an equitable state. This means the court distributes assets and property by fair, just and reasonable means. If you find your spouse neglected to reveal assets, the judge may give you a larger share.