Property division during a divorce can easily become as bad, or worse, than a child custody dispute. Each partner wants to leave the marriage with what he or she believes is a fair portion of the joint assets, and often each partner has a different understanding of the term “fair.” Prenuptial and postnuptial agreements give both parties a chance to come to an agreement regarding dividing assets while neither party is influenced by anger or spite.
Unfortunately, not every couple invests in premarital asset division planning and a few who do find out too late that their agreements are not valid. If you are going through a divorce, the worst thing that you can do is attempt to hide assets. While some people do not intentionally conceal assets, there are ways to accidentally hide assets during a divorce without meaning to.
When a divorce seems inevitable, accumulating a nest egg gives a person a way to pay for legal expenses and maintain a standard of living while the situation plays out. Withdrawing small amounts of cash while doing the grocery shopping or setting aside money that you are given to pay a bill are discreet ways of getting money without drawing attention to yourself. They could also be perceived as an attempt to hide assets if your spouse or his or her attorney point out the deception.
Giving Money to Friends or Relatives
A person who is afraid that his or her marriage has an expiration date may discuss those fears with friends or family members. Instead of hiding money in the house, giving money to those closest to you may seem like a safe alternative. While you might feel that giving a relative or your best friend some money from a joint account is not the same as giving them expensive furniture, it could still lead to your spouse saying that you have hidden marital assets.
Retail therapy is one of the ways an angry or hurt spouse may attempt to get revenge against the partner he or she feels has wronged them. While purchasing new clothes, shoes, or office supplies may make you feel better temporarily, your shopping could lead to more problems than a high credit card balance. Running up joint debt or making purchases that make your business appear less profitable are both methods of hiding assets during a divorce.
Getting Ahead with Taxes
Overpaying taxes is a method used annually by many taxpayers who want to reduce the financial impact of tax season. Once you have started divorce proceedings it is a good idea to take a break from being proactive. Applying your current year’s tax refund to taxes you may owe next year or overpaying in general are both ways that a spouse may hide assets and innocently continuing a tradition of getting ahead of tax debt could leave you with a lot of explaining to do.
Talk to an Attorney
If you are going through a divorce and are afraid that you may have done something that could be perceived as hiding assets, it is vital that you speak to a division of property attorney. The team at Vayman & Teitelbaum understands that all situations are unique and are prepared to help you recover from any legal mistakes you might have made. Contact us today to schedule an appointment at one of our Atlanta, Georgia locations so that we can begin discussing your case.