${site.data.firmName}${SEMFirmNameAlt} Main Menu
Call Today: 855-805-0595

What are some ways my spouse may be hiding money?

8100099_S.jpgIt has been said that money changes people, which holds true in Missouri and elsewhere. Whether or not you believe that money is the root of all evil, you must admit that the pursuit of it causes people to do things they may not have done otherwise. Things like hiding assets from your spouse. Do it during a marriage and you may wind up in divorce court; do it during divorce and it is illegal.

HuffPost shows that, among people with combined finances, three in 10 have hidden money or purchases from their spouse or partner. In fact, 7.2 million people in the U.S. own up to hiding banking and credit-card accounts. Here are some of the ways your partner may attempt to hide assets.

Transfer assets

With PayPal and a variety of online banking options, it is easier than ever to make money transfers. Doing it in small amounts over a period of time can be a strategy for building a nest egg.

Making loans to others

Loaning money to family and friends can certainly lower the amount in a savings account for reporting purposes. After the divorce is final, the "loans" can be paid back to your spouse.

Income tax overpayment

Overpaying an income tax return is another way to create a stash. It is simply a matter of instructing the IRS to use the money for the next year's taxes.

Under-valuing purchases

Investing in art of all types or expensive jewelry and reporting these assets at lesser value is crafty.  Selling these items at full value after the divorce gives the owner a tidy sum.

Pad expenses

For those who own or manage a business, or work as an independent contractor, inflating the cost of purchases and expenses gives them less income to report. If this is done on an income tax form, it is tax fraud.

It may be hard to resist doing some of these things, especially if you think your spouse has an "every man for himself" attitude about divorce. Your best strategy is to remain alert to the possibility that your partner may attempt some of these things.

This article is meant to provide information only. It should not be considered legal advice.

No Comments

Leave a comment
Comment Information

Contact Our Team To Get Help Now

Tell us about your case and we’ll get back to you promptly.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Stange Logo

Stange Law Firm, PC
256 NE Tudor Rd.
Lee's Summit, Missouri 64086

Toll Free: 855-805-0595
Fax: 314-963-9191
Law Office Map

DHQ | Divorce Headquarters Divorce
Headquarters ® App Download The App
Questions? Live Chat Pay Your Bill Online
States of Service

Other Office Locations

  • Saint Louis County: 120 S. Central Ave., Suite 450, Clayton, MO 63105: Clayton Office
  • West County: 16024 Manchester Rd., Suite 103, Ellisville, MO 63011: Ellisville Office
  • Jackson County: 256 NE Tudor Rd., Lee's Summit, Missouri 64086: Lee's Summit Office
  • Jefferson County: 16 Municipal Drive, Suite C, Arnold, MO 63010: Arnold Office
  • St. Charles County: 2268 Bluestone Drive, St. Charles, MO 63303: St. Charles Office
  • Franklin County: 5 S. Oak St. Union, MO 63084: Union Office
  • Lincoln County: 20 Centerline Drive, Troy, Missouri 63379: Troy Office
  • Boone County: 1506 Chapel Hill Rd., Suite H, Columbia, MO 65203: Columbia Office
  • Greene County: 901 E. St. Louis, Suite 404, Springfield, Missouri 65806 Springfield, MO Office
  • St. Clair County: 115 Lincoln Place Ct., Ste. 101, Belleville, IL 62221: Belleville Office
  • Madison County: 5 Club Centre Ct., Suite A, Edwardsville, Illinois 62025: Edwardsville Office
  • Sangamon County: 400 S. 9th St., Suite 100, Springfield, IL 62701: Springfield Office
  • McLean County: 1012 Ekstam Drive, Suite 4, Bloomington, IL 61704: Bloomington Office
  • Johnson County: 7300 West 110th Street, Suite 560, Overland Park, KS 62210: Overland Park Office
  • Sedgwick County: 2024 N. Woodlawn Street, Suite 407, Wichita, Kansas 67208: Wichita Office
  • Monroe County: 116 W. Mill St., Waterloo, IL 62298 (by appt. only): Waterloo Office
  • St. Louis City: 100 S. 4th St., #549, St. Louis, MO 63102 (by appt. only): St. Louis Office
  • Jackson County: 2300 Main St., #948, Kansas City, MO 64108 (by appt. only): Kansas City Office

The choice of a lawyer is an important decision & should not be based solely upon advertisements. See additional disclaimers here.