People can make some regrettable missteps during a divorce. In some ways, this is understandable because it can be an emotionally overwhelming experience, and most people have never been through it before.
However, there are some missteps that no one should make during a divorce. This includes attempting to conceal assets in an effort to shield them from the division process. However, nearly half of the people in one recent survey reported that they hid money from their partner. If you worry that your spouse may be doing this and you are about to divorce, you should know where to start looking.
Where people often hide assets
People try to hide assets in many ways. They might give something away temporarily with the intention of getting it back after divorce. They might funnel money into a secret account they do not tell their spouse or anyone else about.
Some of the more complicated ways people conceal assets involve doing things like deferring bonuses at work, undervaluing investments or overpaying taxes.
Therefore, some of the most important places to start looking include:
- Tax refunds for the past several years
- The mail (for correspondence from unusual banking institutions or lenders)
- Bank accounts
- Around your house (for missing property, or new property that a person might undervalue)
- Pay stubs and compensation details
Calling in reinforcements
Tracking down this information can be complicated: understanding what it all means can be even more perplexing. As such, it is generally helpful to work with financial and legal professionals who can help secure documentation, track down missing money, properly value property, and assess whether any wrongdoing has taken place.
New Jersey is an equitable distribution state, which means that eligible property should be divided fairly in a divorce. To ensure this happens, you should know how to start with accurate, complete information regarding marital property.
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