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Assets could be hidden in a number of ways

On Behalf of | Aug 26, 2019 | Divorce

While it is generally illegal for an individual to hide or obscure assets in an Arizona divorce, it doesn’t mean that people won’t try to do so. There are many signs that people may want to look for to determine if their spouses are trying to hide assets. For instance, someone may try to buy Bitcoin or other cryptocurrencies thinking that the transactions will be too hard to trace.

Although it can be difficult to trace a digital currency transaction, this may not be the case if it was purchased on an exchange. Individuals may also make a series of withdrawals from a bank or brokerage account and transfer the money to a friend or family member. In some cases, the money is transferred to a dummy corporation that the spouse operates or has access to. If a person no longer has access to financial statements, it could be a sign that a spouse is trying to keep that individual in the dark.

In a divorce case, each side is expected to provide a financial disclosure statement. If a yearly bonus, capital gains or other income that an individual knows about don’t appear on that statement, it could be a clue that something is amiss. Individuals should point out those omissions and provide evidence of an asset’s existence as soon as possible.

There are likely to be many issues that need to be addressed when a marriage comes to an end. Those issues may include how to divide property, how to divide parenting time and whether either party is entitled to spousal support. Individuals who are thinking about getting a divorce may be best served by doing so with the help of an attorney.

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