Going through a divorce is difficult enough. Add in the stress of having to find hidden assets, and it can be overwhelming. If you are headed for divorce in Ohio, you need to know where to look for hidden assets that your spouse might be keeping from you. Following are some of the most common places to look.
One of the most common ways to hide assets is to convert cash into a collection, such as art or sports memorabilia. If this is the case, your spouse likely underreported the value of the collection as well. Look for new, high-ticket items showing up at home or at the office such as furniture, artwork and autographed items.
Cash can also be hidden by your spouse in a custodial account, but only if you have children. Your spouse might open an account in your child’s name, using his or her Social Security number, and name themselves as custodian. It will be easy to deposit cash in this account and keep it from you during the divorce.
If your spouse handles a lot of business using cash, it’s possible that you haven’t seen it during the marriage, which means you may not see it during your divorce. Your spouse might not even report most of the cash earnings from business transactions either, which is hiding it in plain sight.
If your spouse is due for a large bonus, raise or promotion, he or she might try to delay it until after the divorce is final. If this increase occurs while you’re still married, you may be entitled to half of it.
Do you believe than your spouse is hiding assets in preparation for divorce? An experienced Ohio divorce attorney will be able to help you find those assets and work to ensure that you receive the proper amount when property is divided.
Source: Women’s Institute for Financial Education, “Where to Search for Hidden Assets During Divorce,” accessed Aug. 03, 2017