One of the common issues that arises in more contentious divorce processes is a spouse attempting to conceal assets to prevent them from being subject to the asset division process, or to attempt to pay less child or spousal support.
This can be frustrating for a spouse who needs additional support, or who is counting on their spouse to play fair to ensure an equitable division of property. An attorney can uncover evidence of asset concealment and use it to achieve a more beneficial result in your case.
In what ways do spouses attempt to conceal their assets?
There are a variety of ways in which a person may try to hide their income, value or possessions in a divorce process. These include:
- Getting paid in cash: A spouse might attempt to get all or some of their earnings in cash, which would make it look on paper like the spouse earns very little money, or even that they’re unemployed. The lack of a paper trail from cash payments can add some challenges and be used to help a spouse conceal assets.
- Deferred promotions: At larger companies, a person will have a much harder time getting paid in cash. However, they could defer promotions or bonuses during divorces so their increased earnings don’t begin until after the divorce agreement is finalized.
- Deductions: Some self-employed individuals may attempt to deduct expenses that cannot actually qualify as business expenses. This would allow them to keep money in their business instead of using those funds to pay child or spousal support.
- Purposeful unemployment: There are cases in which people purposefully remain unemployed so they can get out of paying child support or alimony.
There are numerous strategies your legal team can employ to uncover evidence of asset concealment and work around your spouse’s efforts to minimize their financial responsibilities in the divorce settlement. For more information about the steps you should take, contact an experienced Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.
