There are several ways that husbands can hide assets. If real estate is owned in the husband’s name, he may sign the deed over to a family member or friend to get it out of his name. Valuables such as art or coin collections may be “given” to a friend and claimed not to exist. Large sums of money may be withdrawn from bank accounts and placed in safety deposit boxes in other people’s names.
Phony debts may be created with the collusion of family members or friends. The idea here is to list these debts in financial statements to lower the bottom line. A family member may be sent cash to “pay loans” and the money is returned after the divorce. Stocks may even be transferred into the name of “dummy” companies and transferred back after the divorce is finalized.
If a husband is cheating, he may be buying assets for a lover, such as jewelry, designer clothing or even an apartment. A private investigator may be required to conduct surveillance in such a situation, to provide concrete proof.
Assets are often hidden for some time before the divorce, with small steps being taken at a time. A spouse may use a debit card to make expensive purchases, like an antique carpet or a valuable artwork, planning to sell them after the divorce.
