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Can A Spouse Hide Money In A Divorce?

by Niel
divorce lawyer near me

In a divorce, money becomes a crucial point for both parties. Both the parties become concerned about the expenses of a divorce. In a divorce, people are left with a common question in their mind-” Is there any good divorce lawyer near me?” Reliable lawyers must be hired to protect both money and properties of the person getting a divorce. Although it is illegal, there are also many methods by which a spouse can hide money.

In a divorce, the property is usually divided. The law requires all the assets to be equally divided between the couple. As a result, a spouse might try to hide the money.

Hiding New Income

A spouse can hide money by using a separate bank to deposit money from a new income. The H.R. of a bank can split the person’s deposit into as many accounts as he wants.

  • A Spouse Can Receive A Lot Of Cashback

If a spouse gets cashback, this money can be kept hidden. Money from the cashback always goes without being noticed by anyone.

  • Opening Of Individual Online Bank Account

After hiding the money, the best way for a spouse to keep the money is by using online banking. Online fund transfer from the currently used bank is beneficial in these cases. Many banks offer applications over smartphones. These apps will deposit the money remotely.

  • Getting Separate Credit Card for Oneself

Usually, credit cards can be traced via bills sent at home and through the bank account used to pay the bills. The latter problem can be solved by using a P.O. box. This box needs to be rented.

It is necessary to mention a physical address while applying for a credit card. The address can be changed on a file to a purchased P.O. box.

  • Stashing prepaid or gift cards can hide the money in a divorce

Several cards can be loaded at once and can be stashed away when needed. The only problem with this method is that the money is generally not insured. There might be fees if the cards are not used and reloaded.

  • Renting a safe deposit box can hide money in a divorce

This is the final destination of all the cash, prepaid debit cards and credit cards. A safe deposit can be rented from any nearby central bank. The contents of this box are highly confidential. Even the bankers are not allowed to know the contents. The cash might not be insured as in any bank account.

  • Overpayment Of Taxes

 With the help of the H.R. of the bank, a spouse can take a more significant amount of money from his or her paychecks. This greater amount can give that person a greater refund. This refund can then be deposited in a separate bank.

Conclusion

Hiding money can have severe consequences. If a spouse gets caught hiding money, legal actions are taken against that spouse. It may result in penalties and further punishment. Apart from hiding assets and money in a divorce, a good lawyer can protect the interests and financial assets of the person getting a divorce.

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