Property division is a crucial aspect of divorce. New York follows an equitable distribution law, which means marital property is divided as fairly as possible. Couples can have a smooth property division, but some factors can make the process difficult, including hiding assets.
Here are five tactics your spouse may use to hide assets during your divorce:
1. Hiding cash
Your spouse may withdraw cash and hide it in offshore accounts. It’s easy to spot this trick, but it can be complex to trace the money.
2. Buying new possessions
You should be alarmed when your spouse starts to acquire new possessions during your divorce. They may not purchase items worth thousands of dollars, as they know you will notice quickly. Instead, they will make small purchases that can go unnoticed but can sum up to a high value. After the divorce, they may resell them.
3. Gifting loved ones
This is another trick that some people use during divorce. They give loved ones expensive gifts and then take them back after the divorce.
4. Using cryptocurrency
Cases of people using cryptocurrency have been on the rise in recent years. Blockchains have an impressive anonymity quality, which makes them a good option for hiding assets. Your spouse can buy cryptocurrencies worth a lot of money and convert them to fiat currency after the divorce.
5. Renting a safety deposit box
Some people use safety deposit boxes to hide cash, jewelry, art and other small valuables. Then, they may claim they lost the items.
If you believe the financial statements provided by your soon-to-be ex-spouse don’t add up or they are behaving differently, you should raise the matter. With legal guidance and the court’s resources, you can trace hidden assets.