An Illinois accountant attempted to hide more than a half million dollars from his wife prior to their divorce. How did he do it? He made large estimated tax payments with the IRS every year leading up to his divorce and then didn’t file his tax returns. When his wife became suspicious, her and her lawyer uncovered that he was essentially “parking his money” with the IRS in the hopes that he would file his back taxes afterwards and retrieve the extra cash. While this creative divorce scheme may seem complicated, it is one of many ways divorcing spouses try to stash away assets and income during a contentious divorce.
Divorces are often complex and difficult for all parties involved. During this time, spouses may be tempted to hide assets or money prior to the divorce. While this isn’t honest, it happens all the time. Spouses hide money in offshore accounts, deferred compensation plans, 401(k) plans, funnel money into a company, and even stash money with family members. So what do you do if you believe that your spouse is hiding money from you during your divorce?
There are typically signs of deception when your spouse is hiding money from you before or during your divorce. Some of those red flags include:
It can be difficult to uncover hidden assets and money. However, with the help of an experienced Coral Gables divorce attorney, you may be able to uncover all of your ex’s finances, even the ones they’ve worked hard to hide.
It is important for you to be open and honest with your lawyer about all of your financial issues both during your marriage and after you decided to separate. Make financial copies of all documents that your lawyer may need and request actual statements from the IRS rather than trusting your spouse to hand over real ones.
Spouses with cash businesses may need to be monitored even closer to observe for hidden income. In some extreme cases, a private detective may be beneficial to have on your team.
If you have concerns regarding divorce, spousal support, asset division, or any type of family related dispute, contact the Coral Gables divorce lawyers at Estevez-Pazos Law Firm, P.A.. We know that you want to protect your future and your family during this difficult time and we can help you through the process. From filing the initial paperwork to negotiating assets, we will be on your side. Call us immediately for your consultation at (305) 717-7130 or fill out our confidential contact form and someone will call you back.