Going through a divorce can be tough, especially regarding financial matters. Sometimes, one spouse might try to hide assets to avoid sharing them fairly.
This practice, called asset concealment, isn’t just wrong—it’s against the law. Knowing what to look for can help you protect yourself and make sure property gets divided fairly in your Minnesota divorce.
Sneaky ways people hide assets
People can be creative when trying to conceal assets. Here are some common tricks to watch out for:
- Lying about income: Your spouse might say they make less than they really do.
- Overpaying bills: They might pay extra on credit cards or loans, planning to get money back later.
- Giving stuff away: Some people hand over money or property to others to keep it out of the divorce.
- Making up debts: Your spouse might pretend to owe money to reduce their apparent wealth.
- Delaying pay: They could ask their boss to hold off on bonuses or commissions until after the divorce.
Knowing these tactics can help you stay alert and protect what’s rightfully yours during the divorce.
Warning signs to keep an eye on
To spot hidden assets, pay attention to your spouse’s behavior and money habits. Here are some red flags:
- Big changes in how they spend money
- Taking out cash for no clear reason
- Getting a new safe deposit box
- Sudden interest in hard-to-trace investments like cryptocurrency
- Saying their business is losing money out of the blue
- Erasing financial apps or changing passwords on accounts
If you notice any of these things, it might be time to talk to a professional who can help you dig deeper and stand up for your rights.
As a result of hidden assets, you might receive less in property division or spousal support than you’re entitled to. This could mean struggling to maintain your lifestyle, pay bills or save for retirement.
Remember, you deserve a fair share in your divorce. If you think your spouse might be hiding assets, consider talking to a family lawyer.