Nowadays, divorces have become extremely expensive. Therefore, it comes as no surprise that people try their best to hide some of their assets. Hiding assets can be difficult but not impossible. However, with the help of an Ottawa Divorce Lawyer, you can figure out all of your spouse’s financial tricks and obtain the property and amount you deserve.
If your spouse handles the finances in your house, it is important to be aware of their actions throughout the marriage, even if there is no thought of divorce. You should simply know what is going on and what happens to the money and assets.
Ways people hide assets/money in a divorce.
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PayPal
One way people hide money is through PayPal or other similar services. If your spouse frequently uses PayPal, you need to make sure whether they are really ordering things online or depositing their money elsewhere. It is very easy to determine if they are hiding money through PayPal as there is a good online paper trail between accounts.
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Claiming personal expense as a business expense.
If your spouse has a business, there is a chance they may try to claim their personal expenses as business expenses. They may do this to show that their business is doing bad, which may be the opposite of reality. If you suspect that your ex-spouse is lying, you may ask an attorney to conduct a thorough investigation to uncover miscategorized expenses.
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Taxes.
It may sound unusual, but one popular way of hiding assets is through the IRS. Here, a business owner voluntarily makes payments throughout the year. They overpay the amounts before they plan on getting a divorce. After that, they file tax extensions again and again. When the divorce is final, they file all of their taxes and get a return on those extra payments.
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Faking debts.
Your spouse may take loans that they do not need from banks, family members, lenders, etc., to make it look like they have less money than they actually do. A thorough investigation into the case can determine whether your spouse is making the loan payments or if the lenders exist.
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Antiques.
If your spouse has expensive antique items, they may hide them from you. They may hide them in their offices, their friends’ places, or someplace that you or your attorney cannot reach easily. The value of these collectibles may not seem much to you when they are bought, but time can increase the prices.
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Transferring assets.
Your spouse could hide big assets like a boat, house, or car in someone else’s name to prevent your attorney from finding them before or during the divorce. After the Ottawa divorce is finalized, they will transfer those back in their name.
If your ex-spouse is trying to hide assets, you are not alone. Consult an attorney today to discuss your options.
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