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What to do if you suspect your spouse is trying to hide assets

| Apr 5, 2019 | Divorce |

When Arizona spouses determine that their marriages are no longer sustainable, they typically choose from several options regarding how they plan to move forward in their relationships. Some seek professional counseling to provide guidance and support in troubled marriages. Others decide they would rather divorce than stay in an unhappy relationship.

There are numerous aspects to divorce, including property division proceedings. Arizona is a community property state, which means marital assets are typically split 50/50. Some spouses try to beat the system and gain the upper hand by attempting to hide assets. This is not only mean-spirited, but it’s also illegal.

Spouses often try to hide assets by transferring them to a third party. If a spouse claims to be lending someone money or paying back a loan that his or her partner did not know about it may be a sign of a hidden asset problem. Then again, some people take a much more direct approach, literally stashing cash in a closet, drawer, strongbox or other hiding place. 

A person who suspects a spouse of hiding assets may also want to carefully review recent tax returns, as overpaying the Internal Revenue Service is another common trick used by people who want to hide money until a divorce is finalized. The idea is that the overpayment will work its way back as a future refund. An experienced Arizona family law attorney knows where to look to uncover a hidden asset problem. Seeking legal support is often the swiftest means for rectifying such problems in divorce.