Georgia is an equitable distribution state. This means that each spouse is entitled to what the court deems as an equitable share of the marital property during the divorce. Unsurprisingly, not everyone embraces the idea of sharing marital property equitably with their soon-to-be ex.
One of the worst mistakes couples make during the divorce process is hiding marital property. It is important to understand that hiding assets can get you in trouble with the court if you are found – and you will be found.
Here are some of the ways couples hide marital assets during the divorce.
Making suspicious purchases
It is not uncommon for couples to make day-to-day purchases regardless of what is going on in their lives. However, if your spouse suddenly develops a habit of secretly making unexplained purchases (artifacts, luxury items and other expensive items) while the divorce is imminent or underway, then they could be doing so to drain the joint account. The end game is usually to resell these items and recover the money when the divorce is finalized.
Stashing cash to a secret location
In order to avoid paper trail while wiring cash to various accounts, couples sometimes resort to withdrawing large amounts of cash and hiding it in a safe deposit box or some secluded location that the other spouse may not be aware of. If your spouse withdraws large sums of money before formalizing the divorce process, you need to ask questions.
Overpaying taxes or creditors
This is especially common among self-employed couples or those who are in business. Sometimes, your spouse may deliberately pay more tax than they should to the IRS or the creditors. Once the divorce is out of the way, they will be able to initiate a refund from either the IRS or the creditor in question.
Besides child custody, property division can be heavily contested during the divorce process. Find out how you can stay alert and safeguard your rights and interests during the property division component of your divorce.