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Is there a hidden asset problem in your divorce?

On Behalf of | Sep 13, 2021 | Divorce

There is no way to predict which Pennsylvania marriages will last a lifetime, although most newlywed couples hope and believe their relationships will. In time, however, various issues or problems can arise in a marriage that one or both spouses determine are unresolvable, hence, leading to divorce. Proceedings can become complex and stressful in certain cases, especially if one spouse suspects that the other is trying to hide assets to gain the upper hand in property division settlement.  

Where to look first if a hidden asset scheme is suspected 

Achieving a fair settlement in a divorce is easiest when both spouses are willing to cooperate and compromise, especially regarding property division, child custody and other important topics. If a spouse thinks that his or her partner is trying to hide assets, there are several places to look to uncover a scheme. For instance, a spouse who suddenly gives a large sum of money to a relative or friend might be asking someone to hold onto cash until a divorce is finalized.  

Many Pennsylvania parents open custodial bank accounts for their minor children. However, this is also a common means of hiding assets because the parent whose name is on the account can easily deposit or withdrawal funds without raising suspicion. It is also wise to carefully review all credit card statements and tax returns before heading to court for property division proceedings. A spouse who is hiding assets might intentionally send an overpayment on these accounts, which would then come back as a refund at some point.  

The court frowns upon those who disregard divorce regulations 

Pennsylvania and all other states operate under specific property division guidelines in divorce. It is unlawful to try to hide assets to keep them from being subject to division. A concerned spouse may ask the court to intervene if he or she has reason to believe that his or her ex is engaging in a hidden asset scheme.