Divorce in Virginia comes with many challenges, some of which are associated with finances. Dividing assets can be a complicated process and it often comes with disagreements between the two parties about who should receive certain assets. In some cases, one party may try to hide assets from the other, which is not legal. Anyone who suspects their soon-to-be ex of hiding assets should be aware of the common ways this can be done so those assets can be properly distributed during the divorce settlement.
Hiding assets
One common way of hiding assets is to put funds into an account under someone else’s name, usually minor children. Some may also choose to hide money with another close relative like a parent or sibling. Buying cryptocurrency is another method that some may use to hide assets as the documentation associated with these accounts may not be easy to access. Collecting financial documentation and keeping copies of these documents can often reveal clues that a spouse is hiding money.
There are patterns of activity to look for when determining whether a spouse is hiding assets. If the other party seems cryptic or secretive about where money is going or where it is coming from, they may be hiding assets. Not providing requested documentation related to the couple’s finances can also be a red flag indicating they are hiding assets.
Seek legal advice
All marital assets must be divided during the divorce process. Neither spouse is legally permitted to hide assets. Anyone in Virginia who suspects their spouse is hiding assets during the divorce process can benefit from speaking with an attorney to understand their rights.