Hello Public,
This article is being written for the many women and I say women because that is the population that is most affected by this. When your husband who controls all the assets and money wants a divorce it is usually planned. The following is a list of topics and places I lectured attorneys in Miami regarding hidden assets:
Common ways in which a spouse may undervalue or disguise marital assets include:
- Antiques, artwork, hobby equipment, gun collections, and tools that are overlooked or undervalued. Look for antique furnishings, original paintings, or collector-level carpets at your spouse’s office.
- Income that is unreported on tax returns and financial statements.
- Cash kept in the form of travelers’ checks. You may be able to find these by tracing bank account deposits and withdrawals.
- A custodial account set up in the name of a child, using the child’s Social Security number.
- Investment in certificate “bearer” municipal bonds or Series EE Savings Bonds. These do not appear on account statements because they are not registered with the IRS. (The government is phasing out these bonds, realizing that it is losing a lot of money.)
- Collusion with an employer to delay bonuses, stock options, or raises until a time when the asset or income would be considered separate property.
- Debt repayment to a friend for a phony debt.
- Expenses paid for a girlfriend or boyfriend, such as gifts, travel, rent, or tuition for college or classes.
- Retirement accounts that your spouse never tells you about.
- Hidden Assets and How To Find Them As more and more individuals are receiving non-monetary perks from their employers and with both spouses having jobs the marital pool of assets seems overwhelming. We’ve listed below many of the “extra” assets you, or your lawyer, may not have thought of.
- Security deposits- While security deposits usually relate to rental property that you may have shared, it can also be found on rented storage units and other large purchases you, as a couple were intending to make.
- Frequent Flyer Miles- Generally speaking most airlines will not allow frequent flyer miles to be considered “property” but more divorce cases are adding them to the marital asset equation.
- Time Shares- You and your spouse may have purchased a time share during your marriage.
- Patents, Copyrights and Royalties- Often the creation of these three occur during the marriage and with the assistance of marital monies which lends them to be considered marital property.
- Tax refunds- Whose name is the check coming to or whose account will it be directly deposited into?
- Hobby or coin collections. Some collect spoons from every state while others collect coins or baseball cards. Have these collections appraised.
- The only way the division of assets can be equal and fair is that everything is put on the table. The court cannot divide what it does not know exists. Here are some tips that will help you in searching for hidden assets:
- Check motor vehicle registry to find out if a car has been given away.
- Check bank and stock records for evidence of cashed in stocks or bonds, withdrawals from bank accounts or receipt of money by someone who then deposited or invested it or used it to buy something of value.
- Use the “discovery” process in which you ask someone oral or written questions to be answered under oath or produce certain documents for you to examine and copy. You may need the court’s permission for anyone except your spouse, but permission is usually given if you can show likelihood of learning information relevant to the divorce.