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Some spouses are not forthcoming about marital assets

| Aug 29, 2019 | High-Asset Divorce, High-Asset Divorce |

Individuals going through a divorce in Arizona may be missing out on information that could impact the financial outcome of their divorce. It has long been the stereotype that it is the man who is interested in hiding financial assets away from his wife in a divorce. However, those old assumptions do not necessarily hold true in modern society. Many wives earn as much or more money than their husbands. In a number of marriages, the wife is the one who is primarily responsible for the finances, so she has greater opportunities to hide resources in the months that lead up to a divorce.

A warning sign that a husband preparing for divorce may look out for is a new interest in cryptocurrencies on the part of his spouse. Many divorcing individuals see cryptocurrencies as an excellent place to hide away money and then recoup it after divorce. Cryptocurrencies can be purchased in small amounts, so husbands may be wary if they notice consistent small withdrawals from their account or relatively small payments via PayPal.

Many businesses that trade in cryptocurrencies accept goods in exchange for the currency. Another red flag would be seeing a purchase of a large item online but then that item never making it to the house.

Hiding assets during a divorce is not as easy as many think. The divorce process itself is full of protections designed to force the divorcing individuals to be honest about their financial assets. In some cases, lying about marital assets is illegal.

There are a number of financial situations that may be unknown to an individual going through a divorce for the first time. This is why it may be beneficial to seek the advice of an attorney. Family law attorneys may be able to advise their clients on financial issues such as property division, ascertaining the actual value of assets and other issues related to the divorce process.