11th Jul 2012
It is not unusual for people going through a divorce to attempt to conceal some of their assets to prevent those items or funds from being subject to the property division process. If you believe your spouse may be attempting to do this, here are some signs for which you should be on the lookout:
- Any collections, hobby equipment, weapons, antiques or artwork that appear to be undervalued or overlooked entirely. You may consider having an expert analyze these items.
- Any unreported income on financial statements and/or tax returns.
- Cash kept on hand in traveler’s checks. These can be found by tracing deposits and withdrawals from bank accounts.
- Debt repayments to bogus debts.
- Expenses paid for boyfriends or girlfriends, including tuition, rent, travel expenses or gifts.
- Accounts set up in the name of a child made using a child’s Social Security number.
If your spouse owns a business, there is also the chance that he or she could attempt to skim cash from the business to protect it in the divorce, pay a loved one for services that were never actually rendered or even set up salary payments to a nonexistent employee. Not only does this constitute an attempt to conceal assets, but depending on the way it was done, it could also be a criminal offense (such as embezzlement).
Any assets acquired during the course of a marriage are subject to the asset division process, including all money, property and debts. An individual who attempts to conceal these assets will likely only succeed in getting a worse deal in the end when it comes to the final divorce decree.
To learn more about the property and asset division process in Minnesota, speak with a knowledgeable Willmar divorce lawyer at Anderson Larson Saunders & Klaassen PLLP today.