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Methods spouses use to hide property

Many Florida spouses hide purchases from one another in marriages, but hiding how much you spend on, say, shoes or sporting equipment is not the same as hiding assets so not to split them in divorce. Regrettably, however, many divorces arise because of a breakdown of trust, and if this sounds like your own marriage, you may no longer have complete faith in your partner with regard to finances. At the Law Office of Philip J. Schipani, we have a comprehensive understanding of the methods spouses often use to conceal assets from one another, and we have helped many divorcing parties uncover hidden assets and receive their fair share.

Often, per Huffington Post, spouses rely on similar methods when attempting to hide money or assets from their spouses. Your husband or wife may simply open a new bank account and slowly start to move money over to it, unbeknownst to you. He or she may also direct all correspondence from that new bank to go somewhere other than your shared home, such as an office or an email account you do not know about.

Your spouse may also try and get the better of you, financially, with regard to taxes. For example, your husband or wife may intentionally overpay the Internal Revenue Service if he or she knows a divorce is imminent, so that, next year, he or she has a nice little nest egg to use for tax purposes. If your spouse owns his or her own business or works as an independent contractor, he or she may go so far as creating fake expenses to lower his or her taxable income, which may lower the amount he or she must split with or pay to you.

In many marriages, where there is smoke, there is fire, meaning if you suspect your spouse may be engaging in shady practices to hide assets, it may prove wise to investigate further. More about divorce and asset division is available on our web page.

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Law Office of Philip J. Schipani
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Sarasota, FL 34236

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