Divorcing couples in Tennessee already have a lot on their plate from the start of the process. The more assets there are, the harder some of these matters of divorce will be to handle.
For example, did you know that some spouses attempt to hide assets to avoid having to share what they really owe?
Why would someone hide assets?
There are many reasons why a spouse may attempt to hide assets during the divorce process. Some people’s motivation may be a grudge against their significant other, which drives them to want to withhold as much as possible. In other cases, people may feel as though they genuinely do not have the finances to afford splitting assets, especially if they have a job that provides them with less income than their ex-spouse.
Where can someone hide assets?
The other big question is where spouses may hide assets, should they attempt to do so. Someone can conceal assets in a number of different places and in a variety of ways. For example, some tactics involve handing off money to other people or places with the intent of claiming it later. This may come in the form of pretending to pay a debt off to friends or family members, or even writing fake paychecks to employees who do not exist.
A difference in spending habits may also be a tip-off. If you notice your spouse starting to spend more money on seemingly superfluous items like antiques or expensive electronics, this can potentially be a sign of attempted hidden assets. A person can transfer money into physical items, which are then returned after a divorce is over, and the ex-spouse keeps the money.
Hiding assets is illegal and can get the perpetrator into a lot of trouble. Especially during a high-asset divorce, it is worth checking to make sure your soon-to-be ex is not attempting this.