There are a number of signs that might alert a person in Ohio to the possibility that their spouse is attempting to hide assets in a divorce. One of the most obvious signs is money disappearing from accounts or missing account statements. A person may claim that a large sum has been taken from an account to pay a tax or credit card bill, but this may be an overpayment ruse. By the time the IRS or the company gets around to refunding the overpayment, the divorce may be over, and the money might not be included in shared property that is subject to division.
Some people try to work with an employer to conceal bonuses or other compensation. This kind of compensation might be deferred until after the divorce. Familiarity with a spouse’s pay structure may help protect against this deception.
Another clue might be a growing interest in cryptocurrency. Some people may see this as a safe place to stash assets until a divorce is final, but transfers to trading sites or PayPal may indicate cryptocurrency activity. In some cases, traders might accept goods in place of money, so large purchases that never actually turn up may also indicate that money is being funneled into cryptocurrency.
The process of property division in divorce can be a complicated one even if both spouses are forthcoming about their finances. Couples whose most valuable assets are simply a retirement account and a home may still face some complexities. For dividing pension plans and 401(k)s, they will need to have a document prepared that is known as a qualified domestic relations order. They will also need to decide whether they will sell the home or if one of them will keep it. In the latter case, one spouse will need to buy out the other.
