2 Most Common Attempts To Conceal Assets In Divorce
Rare is the divorce in which both parties wholly and genuinely cooperate with one another, each granting the wishes of the other with no thought as to whether or not it is in any way beneficial to themselves. Rather, the majority of divorces are characterized by bickering, deceit, and each party's overwhelming desire to make the other suffer.
One way couples often engage in this sort of hurtful behavior is by failing to divulge the whereabouts of certain assets, or simply feigning ignorance as to their existence in the first place. This article discusses the two most common ways uncooperative spouses attempt to conceal assets and money from the courts.
Where Can You Hide Assets
Swiss bank accounts are not the only manner via which wealth might be concealed, which is why it's important to let an experienced divorce attorney handle the dissolution of your marriage. They have a plethora of tools at their disposal to ensure your spouse is not successful in his or her attempt to conceal joint assets from the courts. Following are a few examples of common strategies for hiding marital assets.
Investments In Bearer Bonds
Bearer bonds are a unique class of investment in that they are one of the only securities that do not need to be registered with the Securities and Exchange Commission. Furthermore, there is no record of ownership regarding any transaction of any size when it comes to bearer bonds.
The only requisite for redeeming the cash that is tied to the investment is a physical possession of the bond(s). This means that even someone who never actually paid money for bearer bonds could, in theory, redeem them for cash if he or she came to possess them, either through theft, or trickery, or what have you.
Fraudulent Debts
Another trick spouses often employ to try and conceal certain assets is with the use of fraudulent debts. In most instances, this involves a spouse draining a bank account of thousands of dollars and claiming that the funds were used to repay a previous debt.
Although, generally, no such debt ever existed, this particular kind of fraud is one of the trickier kinds to legally disprove. Still, an experienced divorce attorney has a number of tools for illustrating the absurdity of such claims, chief amongst them the fact that nearly all debts in excess of a few thousand dollars are generally paid over time, and in increments, rather than one lump sum.
Ultimately, a qualified divorce attorney like David Borts Law Office represents an invaluable asset during the course of any marriage dissolution, and all the more so when dealing with a spouse who is trying to conceal assets from you and the courts.
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