Divorces can be very contentious, causing couples to be bitter and do things they wouldn’t do normally. When couples are divorcing, they are supposed to disclose their assets so they can be divided equitably. However, a bitter spouse may hide assets to keep them from their soon to be ex-spouse. In addition, there also assets that are often overlooked.
What Type of Assets are Hidden?
During a divorce, one of the spouses may try to hide assets by putting them under another name, such as a child’s or a business name and then claim them as business assets. They may also cash out some of these assets and hide the cash in a security deposit box or a safe the spouse may not know about.
Some of these assets may include:
- Life Insurance Benefits
- Special Retirement Benefits
These items are easy to cash out because they don’t have to be held for a certain period of time. However, special retirement benefits like golden parachutes may only be cashed out if the person that has it is of an appropriate age.
Assets that are Easily Overlooked
Some assets are simply overlooked because neither spouse really thinks of them as monetary assets requiring disclosure. These assets may include:
- Sports Season Tickets
- Collector’s Items
- Security Deposits on Utilities, Car Leases, etc.
- Frequent Flyer Miles
- Prepaid Taxes or Insurance Policies
You may be surprised by what is considered an asset. If you have designer clothing, shoes, handbags, etc., they could be considered as assets and you would need to disclose them. Your spouse’s motorcycle collection, their sporting equipment or their country club membership may be considered assets as well. Discuss everything you have with your attorney so you are not accused of hiding assets, which could adversely affect what you receive in the divorce decree.
If you think there might be assets that have been hidden from you during a divorce, contact the Law Office of Anne Dowden Saxton today. We will do our best to find assets that have been overlooked so you get everything you are entitled to receive.