Four Ways Spouses May Hide Assets During a Milwaukee Divorce

Going through a Milwaukee divorce is tough enough and it can get more complicated when you think your spouse is hiding assets. Your marital property, which refers to assets and debts acquired during your marriage, must be divided fairly between you and your spouse. But sometimes, some spouses may try to valuable assets to try to influence how the division process should go. This is the reason you need an experienced divorce attorney to represent you. You can find a good lawyer when you click here. A good attorney knows the common tactics spouses make to hide assets from their spouse during a divorce. These include the following:

Transferring Money to an Overseas Account

A lot of people hide their assets in offshore accounts. As these accounts are not within the U. S. jurisdiction, you may not know they existed or much they contain. But financial experts like a forensic accountant can help you discover improper fund transfers to such accounts from domestic accounts. Also, your lawyer will ensure such concerns are addressed correctly during your divorce.

Transferring Property Ownership

Often, spouses may transfer assets to others like a family member, friend, or business partner to hide them. They claim that the transfer of ownership is payment to a debt, although they actually want to have the recipient give those assets back to the original owner after the completion of the divorce.

Not Disclosing Property

In a lot of cases, spouses may not disclose all of their property. They may hide valuables like cash physically somewhere in their house, ask a friend or coworker to temporarily hide such items for them, or put property or money in a safe deposit box. Also, they may convert some money into other assets like artwork or jewelry and undervalue such assets during the divorce process, particularly in the discovery phase. 

Hiding Money Through a Business

Spouses who own a business may use their business to hide assets. These include misreporting their business assets’ value, delaying big business deals until the completion of the divorce, or claiming that their business owns the personal assets in question. Also, the business owner may pay a salary to a worker who does not exist in their payroll to try to funnel funds into their hidden account. If you suspect your spouse is engaging in this type of activity, you should have a forensic accountant review the books of the business and disclose such kind of problems.