Not one person entering into a marriage thinks it is going to end in divorce. Unfortunately, at least one-third of them are wrong. 

Divorce is common, but that makes it no less difficult for the parties involved. Divorce is also an important step for ensuring assets are split equitably. When one party conceals financial worth or resources, it results in unfair distribution. 

This article discusses common places people try to hide finances during a divorce, and assets they have going into the process. Keep reading to find out where to look so that you get your fair share of funds and possessions. 

Is It Legal to Conceal Assets?

Much like in other court proceedings, divorce in Oklahoma involves a “discovery” phase. This is where the two parties exchange information related to child custody and financial status. They agree on what happens to the children and who gets what assets. 

The latter amounts to dividing existing debt and wealth. During Oklahoma asset discovery, each party is required to present financial documents demonstrating their worth. Failing to do so can result in “contempt of court” charges, which can mean fines, other financial sanctions, and even jail time. 

Where to Search for Hidden Assets During Divorce Proceedings

Simply because someone is not supposed to conceal their financial well-being before the divorce and assets going forward, does not mean it never happens. For that reason, it is vital to know if there are hidden divorce assets before the process concludes. Here are some common places to look.

Financial Accounts

Checking, savings, and money market accounts are the most obvious places to look, but consider other investment vehicles. Look for stocks, bonds, and mutual funds, or contributions to retirement accounts. 

Funds may be concealed in trusts established by your spouse. Also, consider the purchase of cryptocurrencies, such as Bitcoin, Ethereum or other digital assets.

Valuables

Purchasing valuables is a covert way to conceal assets. This can be any type of consumer good, but some of the most common include: 

• Jewelry
• Art
• Collectibles (such as coins)
• Antiques
• Wine

Most of these can be bought with cash and are easy to hide. 

Friends, Family Members and Employers

Transferring assets to friends or family is another clandestine way to retain wealth during a divorce. This may happen in the form of gifts or another type of transfer, like paying off a family member’s debt. If you suspect this is happening and have access to bank accounts or credit card statements that reflect the purchases, retain copies.

How to Address Concealed Assets

If you encounter any of the above situations and are unsure how to proceed, alert your attorney. A qualified lawyer will have asset protection strategies and know how to investigate concealed purchases. They might hire a forensic accountant trained in identifying fraud and financial irregularities. 

Learn More About Divorce and Assets Management

Legal divorce is not a pleasant process, but it is important for couples who decide to go their separate ways. The best thing you can do is hire a lawyer with experience in divorce and assets protection.  

Since 1896, our firm has made a name for itself as a trusted ally for businesses across multiple industries, as well as organizations and individuals. Contact us today for additional divorce legal tips or to schedule a free consultation.