When it looks like a Utah marriage is going to end, some people decide that they do not want to have to share certain assets with their spouses. They may begin a campaign to convert and hide assets in an attempt to keep them from being part of the marital estate. If this is the case in your divorce, finding those assets will become a priority.
There are numerous ways that spouses attempt to hide assets. One is to use the social security number of one of the children in order to open a bank account into which money can be siphoned, and you might not ever notice. Purchasing collector’s items such as art or antiques is often used as a way to hide other assets. If your spouse is suddenly purchasing items of this nature, it could be a red flag.
Other spouses will divert funds by taking a portion of any deposits made that might not be missed. In other cases, routine household expenses might suddenly rise. In fact, your spouse could be taking the extra funds and putting them into another account that you might not know about.
When it comes to hiding income and/or other cash, one method your spouse might choose is to make it look like he or she makes less money. This can be done through under-reporting income to financial institutions and on profit and loss statements. If there is a business involved, he or she could make it appear as though a business is not doing well financially. If you discover that some of the company’s assets are being sold — especially to friends and/or family, — it is possible that your spouse is attempting to hide assets.
These and other methods will need to be rooted out if you believe that your spouse is trying to hide assets from you that you might have some right to in a divorce. Financial statements, tax returns and other documents should be examined in order to find these hidden assets. Evidence of hidden property that should be considered part of the marital estate will then need to be presented to the court. Utah judges are not fond of individuals who essentially lie to them about their property, and they will often take appropriate action.