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Do I have the right to hide my assets during divorce?

During any divorce, things almost never go smoothly. There are many aspects to parting ways, and aside from the emotional factors, there are the issues of finances and the division of assets. If you are a couple with high assets, this can be particularly problematic. If you are the spouse that generally earns more and has been responsible for acquiring the majority of the wealth, you might feel that it's unfair to agree to a 50/50 split.

It's very common for a spouse that is intending to divorce to try to hide some of his or her assets so that they cannot be considered as part of the division process. This blog will discuss the legal implications and what legal rights you have in order to prevent this.

Limit access to credit

If you are concerned that your spouse, who you are no longer amicable with, might start building up credit card debt that will be in your name, you have the right to cancel any credit cards that are under your name to prevent financial damage.

Set up a personal account

Similarly, if you have a joint account, you may be concerned with the funds being drained as well. You have every right to set up a personal account where you can start to acquire funds.

Overseas accounts

You may already have an account overseas. As long as you are obeying income tax laws, it is permissible to set up an overseas account, but it is wise to have the advice of an experienced attorney.

If you are anticipating divorce and need help in creating an asset division strategy, an attorney can provide the guidance and advice you need.

Source: ask men, "Divorce rights: opening a secret bank account," accessed Sep. 29, 2017

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