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Video Blog 2012 September Hiding Assets Before Divorce Hits
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Hiding Assets Before Divorce Hits

Posted By Demetria Graves || 10-Sep-2012

Make sure you're not caught in a web of lies before your divorce goes final

We've written plenty here about the division of property and assets during a divorce. There are ways to protect yourself in case things go south in your marriage, whether they be prenuptial agreements or looking into your future ex's doings. However, some people will go to great lengths to get the upper hand in a divorce proceeding. Many will try to hide assets from the other person, which is unethical and sometimes illegal.

Of course, the best way to make sure that your divorce is on the up-and-up is to hire a proper divorce lawyer. However, if you want to attempt to do some snooping on your own, here are some ways to keep an eye out on your soon-to-be-ex-spouse to make sure they aren't hiding or funneling assets under the table.

Hiding cash If you're wondering where large chunks of cash went, maybe they're now in a bank's safe deposit box. If you have any inkling that it might be disappearing, try to find it quick. If it's not on the page, it can't be part of your settlement.

Unreported or underreported income to the IRS If you know that your spouse was misleading the IRS on his returns, then you should know that whatever he doesn't report can't be analyzed by the government. That means less for you when the forensic accountant gets through with them.

Overpaying the IRS Tricky, but if they overpay the IRS on individual accounts, then they can get the difference back after the divorce. Another item you should note to your divorce attorney and let them handle.

Transferring stock or other assets in others names If they are starting to put these things in names other than theirs or yours, they can get it back after the divorce without you getting a piece of it. Make sure all your common property is accounted for when you start the divorce proceedings, or else it could be too late before you realize it.

Categories: Divorce, Property Division, Spousal Support

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