When a marriage ends, one of the most contentious issues is the division of marital assets.
In some cases, a spouse may engage in behaviors that could potentially deplete these assets unfairly.
1. Concealing assets
Concealing marital assets is a common tactic employed by some spouses during divorce proceedings. They may hide bank accounts, investments, or valuable possessions. To uncover this deception, scrutinize financial records, including tax returns, bank statements, and property ownership documents.
2. Excessively spending
Another way to waste marital assets is through excessive spending or extravagant lifestyle choices. A spouse might indulge in costly purchases, extravagant vacations, or gambling, depleting resources that should be equitably divided.
3. Transferring Assets
Transferring assets to friends or family members is a tactic used to shield them from being part of the marital estate. To establish such transfers, investigate any unusual financial transactions or asset transfers.
4. Reducing income
Some spouses may deliberately reduce their income to lower the amount of alimony or child support they must pay. Proving this requires providing evidence of their previous income levels and demonstrating a deliberate effort to reduce their earning capacity.
5. Accumulating debt
Accumulating excessive debt during the divorce process can negatively impact the marital estate. One spouse may take on significant debts to saddle the other with a disproportionate share. To address this, keep records of all debts incurred during the divorce proceedings to demonstrate intentional accruement.
Approximately 690,000 divorces happen annually but some of them come with added challenges regarding assets. Understanding tactics used to reduce the worth of marital assets helps ensure an equitable distribution.
