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Hidden assets: Where you should look

If you're getting a divorce and suspect that your spouse is hiding assets, it's a good idea to know where to look. For example, you may want to go through your spouse's bank account to see if there have been any large transfers to places or people you don't recognize.

Hiding assets during a divorce is against the law. That doesn't stop some people from doing it. Instead of worrying about it, it's time to take action. Begin looking for the assets by talking to a financial planner or creating a list of your expenses. You should access your husband's or wife's account to see the paycheck amounts he or she is receiving and to get an idea of what he or she is spending money on if you do not share an account.

If you do share an account, it's time to begin looking at where money is going. If there have been large cash withdrawals, it may be harder to identify where that cash went. It could be a sign that your spouse has a hidden account that he or she is putting money away into, though. You may want to look around the house and see if there is a safe holding the money. If not, your spouse may be placing money into a safe deposit box at a local bank.

Another thing to check is your last tax return. If your spouse overpays, he or she can get a refund after your divorce. In some cases, people overpay significantly to hide assets until a divorce is final.

You can talk to your attorney about where you believe your spouse is hiding assets to start with. He or she may be able to give you good ideas about how to find those assets for your divorce settlement.

Source: Forbes, "Divorcing Women: Here's Where Husbands Typically Hide Assets," Jeff Landers, accessed June 14, 2017

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