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How is your spouse hiding money?

With divorce looming, your spouse may have started stashing money aside, trying to hide it and keep it out of the divorce. While people are legally required to disclose all of their assets, many try to hide those assets if they fear that the other party is going to get 50 percent in court.

If you're worried that your spouse is doing so, here are a few common tactics to watch out for:

  • Buying Bitcoin and keeping it a secret. If you have no idea these accounts exist or how Bitcoin even works, it can essentially hide the money.
  • Putting money into offshore accounts. Again, the goal is simply to get the money into an account that you have no knowledge of.
  • Giving money to family members. A sibling may take a "gift" and then give it back when the divorce wraps up.
  • Giving "loans" to friends. These could be disguised as business loans, for instance, even though neither person thinks a business is ever going to start.
  • Lying about income. If your spouse has been planning this for a long time, he or she may have failed to mention raises or told you that earnings were far lower than they really were, all while stashing that extra money aside.

There are ways to get to the truth. For instance, even if your spouse lies to you about his or her income, the tax paperwork should tell the real story. Make sure you know about all of the legal options you have and what steps you can take to get a fair split as your case goes to court.

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