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2 forms of financial dishonesty in a divorce

On Behalf of | Apr 27, 2024 | Divorce |

Money is part and parcel of life and it is hard to live without enough. Thus, if your marriage is ending, you want to ensure you leave the divorce with the full amount of money you are entitled to.

Yet money can also create dishonesty. Some spouses do not want to share the total amount of money they should when they divorce. It might be driven by greed – they want to keep it all for themselves. Or it might be driven by cruelty – they want to see their soon-to-be ex-spouse struggle financially and suffer.

Whatever the reason, divorcing spouses must declare all their assets to a court to enable a fair property division process. However, some act illegally to reduce the amount their spouse will leave with. Here are two ways they may do that:

Hiding assets

A spouse could hide assets in many different places, figuring that if no one finds out, they get to keep all the asset for themself. Methods can range from moving money into an offshore account to putting it in a safe deposit box to buying property but putting it in a friend’s name until the divorce is over.

Dissipating assets

A spouse might spend heavily to reduce the amount of assets left to divide. They are more likely to do this when there is a disparity between their ability to earn money and their spouses. They are sure they can soon make enough to be comfortable again, but their spouse will suffer.

It’s essential to act fast to protect your rights if you suspect your spouse has been hiding or dissipating assets. With appropriate legal help, you can gather evidence and build a case to present to the divorce court.

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