Assets amassed during the course of a marriage are regarded as co-owned and must be dispersed proportionately between both spouses under state law. This can be accomplished either by the divorcing couple deciding for themselves who gets particular assets, or by a judge if the couple getting a divorce can’t reach a compromise.

If the couple isn’t on good terms, one spouse could attempt to hide assets that would ordinarily be divided in order to prevent them from getting split up. Then, the spouse attempts to keep the hidden asset after the divorce. Here’s how assets may be hidden and how you can get legal help if you suspect this is happening to you. 

What Qualifies As “Hiding Assets?”  

If a spouse wants to prevent assets from being distributed equitably so they can keep more for themselves, they may do the following to keep assets secret: 

• Make false payments to someone they have arranged a phony debt or services rendered with, which are to be given back after the divorce
• Get traveler’s checks or money orders from the bank or a grocery store with cash to keep and deposit once the divorce is over 

• Keep money in a different retirement or bank account that no one else knows about; the bank account may be under a different name so it is harder to track 

• Request that their employer withhold merit raises, earned bonuses, etc. until after the divorce so their income appears lower at the time of dissolving the marriage than it will be 

Is It Possible to Prevent My Spouse From Hiding Their Assets? 

In advance of filing for divorce in New Jersey, take steps to protect yourself from potentially losing your fair share of marital assets. Start saving duplicates of tax records and other critical financial paperwork, such as W-2s and checking account statements. You can also help secure your part of marital earnings by establishing a separate bank account in just your name that your ex can’t access. 

How to Discover Already-Hidden Assets 

It may be challenging, if not impossible, to locate hidden funds in a divorce without the help of a specialist. For example, your lawyer can file a motion for the submission of particular financial data that would reveal any concealed assets.  A forensic accountant or a private eye may also be helpful when looking for hidden assets and estimating their worth.

Let a Bergen County, NJ Divorce Lawyer Advocate for You 

Erlina Perez is a seasoned New Jersey divorce attorney who understands the many challenges couples getting a divorce face. Call now for an appointment at (201) 880-7070.