It’s not just men who try to hide assets during a divorce

On behalf of Stange Law Firm, PC posted in Family Law on Thursday, August 29, 2019.

Missouri residents may be familiar with the stereotype of the wealthy husband trying to hide his assets in offshore accounts so that his soon-to-be ex-wife will not get her hands on his money. It is true that as long as there are laws that require a spouse to potentially lose some of their assets during a divorce, spouses might try to hide money. In recent decades, though, it has not just been the husband who has tried to hide away marital assets. There are several wives who are guilty of doing the same thing.

The stereotype of the husband trying to squirrel away money during a divorce may hurt men who are in a marriage where their wife makes as much money, if not more money, than they do. In many marriages, it is common for the wife to be the one who is in charge of the marital finances. She has the responsibility of making sure that credit card bills are paid on time, that tax issues are addressed, and that couple’s investment portfolio is up-to-date.

Because of how strong these century-old gender stereotypes are, many men may not realize that their wives are hiding assets from them. Men need to be aware of the warning signs that may indicate their wife is not being as honest with financial matters as one would hope. For example, if a marriage is on the rocks and then suddenly a wife says that she needs to make huge withdrawals to pay off creditors or the IRS, a wise husband may want to ask to see the bill. A sneaky way of stashing away money is to overpay a creditor and then get a refund once the divorce is complete.

A husband who is contemplating divorce might do well to speak to a family law attorney. A family law attorney may be able to provide their client with information about finances, division of assets, and other pertinent information that may benefit the husband financially when going through the divorce process.

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