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What you can do if your former spouse hid assets during divorce

On Behalf of | Aug 7, 2020 | divorce

Some divorces in Tennessee are contentious because the higher income-earning spouse hides assets for the proceedings. In cases where it is believed that a spouse may hide assets, there are steps that can be taken to find out where those assets are.

Assets can be hidden by transferring real estate to a friend or family member, giving jewelry to a friend or family member for safekeeping until after the divorce, or hiding money offshore. Individuals who are really trying to hide assets can go as far as deflating their income with the help of their boss.

A divorce proceeding can get messy, so if an individual believes that their spouse is hiding assets, cooler heads must prevail. Instead of lashing out, an individual should find the clues. Missing bank statements, a sudden drop in salary or overpayments to the IRS could be signs that something shady is happening. During the proceedings, if an attorney acquires the documents that prove assets are being hidden, they can expose the scheme by bringing them in front of the judge. The court would need to be petitioned.

A spouse who finds out about the hidden assets after the divorce proceedings still has options on their side. In community property states, the court can be petitioned to amend the original divorce decision. In the rest of the states, the ex-spouse can be sued. Hiding assets is illegal, so with the necessary documents that prove this action did occur, the court may bring down a punishment against the former spouse. In a divorce proceeding, it is important to have legal representation. The same legal team may be able to help with the hidden asset situation, too.