Identifying The Signs Of Hidden Assets
During a heated divorce battle, some people may be tempted to hide property and assets as a way to keep possession of them.
While there are many factors to work out when settling a divorce, property division may be one of the most intense. It can be difficult to determine who gets what in the final divorce settlement, and in some cases, the negotiation process can get heated and emotional. Some couples are able to determine the division of property in an amicable way. However, there are situations where couples may attempt to hide property and assets in order to keep them from getting divided in the divorce. People in Tennessee who know what to look for when it comes to hiding property and assets may be able to get what is rightfully theirs in the final settlement.
According to Tennessee state code, both parties involved in a divorce must fully disclose all property and assets that they have going into the divorce process. This includes property titles, vehicles, furniture, retirement funds, investments, art collections and any other property that may be of value. Although some of this property may ultimately be considered separate property and will not be eligible for division in the divorce, all other property is marital. Most marital property can either be divided between spouses by the judge who is presiding over the case or the couple can divide the property if they are willing to come to an amicable agreement.
Hiding property and assets
There are several signs to look for when determining whether a former spouse is hiding property and/or assets from a divorce settlement. These signs include, but are not limited to the following:
- Spouse is secretive when it comes to dealing with financial affairs.
- One spouse has sole possession of account information, including logins, account numbers and passwords.
- Spouse may manipulate the numbers by over-reporting expenses and under-reporting income.
- Spouse travels frequently, and may even take sudden trips to other countries.
People should keep on the lookout for spouses who give large amounts of money or valuable possessions to their close family members and friends. Spouses who give these gifts may temporarily transfer the items over to their friends or family members, then regain possession once the marriage is fully terminated.
Looking at all of your options
Not only is it difficult to make tough decisions when you are going through an emotional divorce, but it may be easy to overlook signs that someone is taking advantage of you. It may be advantageous to have an attorney on your side to look out for your best interests. An experienced lawyer in Tennessee may offer their help by answering your questions during this hard time.