Divorce can be a stressful and complicated process, especially when it comes to dividing marital property under California community property law. Both parties must disclose their financial assets to ensure a fair settlement, but some people try to circumvent property disclosure requirements by hiding assets.
This can affect the fairness and outcome of the property division process and is also unlawful. If you have concerns about your marital assets, it can help to know what is vulnerable, and here are three often overlooked assets spouses try to hide from disclosure.
Cash
Coins and paper currency may be especially vulnerable because they can be stored anywhere without leaving much of a paper trail. For example, spouses may withdraw cash from bank accounts a little at a time and hide it or have a friend keep it for them.
Cryptocurrency accounts
Although owning cryptocurrency is more popular than ever, it is usually difficult to trace and locate. Your spouse may use a private key, a password or a digital wallet to access these assets. It is possible that you may not even know these accounts exist.
Valuable items
Assets like art collections, jewelry, antiques and even collector handbags or luggage can be much more valuable than you realize. Your spouse may have been obtaining such property without telling you its true value. Do not overlook household items and collectibles during property division.
How can you learn if your spouse is hiding assets in your divorce? Having experienced legal guidance can help you investigate your spouse’s financial situation and connect you with other professionals (for example, forensic accountants) who know how and where to look for hidden assets.