To keep a greater share of their money or assets, some people may hide assets from their spouse as they head for or go through a divorce. As an equitable distribution state, judges in Tennessee seek to divide divorcing couples’ shared property in a way that is fair and equitable to both spouses. Failing to disclose all assets to the court, then, may affect couples’ divorce settlements.
Knowing where to look for assets concealed by their spouses may help people protect their rights as they navigate the property division phase of their divorces.
Past tax returns
According to Forbes.com, those getting or considering divorce may find it helpful to begin their hunts for hidden assets by reviewing past tax returns. In these documents, they may discover previously undisclosed sources of income or assets. Additionally, they may notice the disappearance of previously disclosed assets.
Hiding spots in the home
Spouses may squirrel sums of money or expensive property items in hiding places within the home. When taking an inventory of their assets and finances, people may find it helpful to check safe places they and their spouses may have used within their homes to protect or conceal assets, important documents or other items.
Safe deposit boxes
People may also check shared safe deposit boxes for potentially hidden assets. During their marriage or as they pursued a divorce, people may store money or assets in safe deposit boxes to conceal them from their spouses.
According to CNBC.com, people may attempt to hide assets from spouses using cryptocurrency. As they inventory their finances and assets, people may check cryptocurrency accounts they know about to determine their holdings. If they suspect their spouses have undisclosed accounts, people may notify their legal representatives so they may take steps to track down any hidden cryptocurrency.
Gathering as much information about known and unknown assets prior to their divorce proceedings may help people ensure they receive fair treatment in the property division process.