Do you remember when they used to give you a math question at school, with one element of the problem missing? For example, “blank” divided by two equals three. You had to work out what “blank” stood for. When it comes to dividing your property in a divorce, you need to know what you are starting with before you can divide it and work out how much you get.
The problem is, divorces are not always as honest as a mathematical equation. You may struggle to work out what you are starting with because your spouse has hidden some of the assets. Once upon a time, hidden wealth was simpler to find. It was either in the bank or under the mattress. With the advent of the internet, many people have various online accounts and investments that can take a specialist to track down. Here are some of the ways people can hide assets:
- Overpaying on tax: If your partner pays too much now, they can reduce their supposed assets and collect the refund once you are out of the picture.
- Passing off assets: If your spouse sells a Freehold property to a friend below the market rate, it may be a ploy to reduce how much they need to share with you. They may have a deal for their friend to pay them the rest of the money after your divorce.
- Investing in objects: That old car your husband bought may be worth more than you think. People often purchase things such as cars, artwork or furniture to reduce the amount of cash in their bank account they need to split. They rely on their spouse failing to realize the true worth of the object.
It can take time, knowledge and experience to discover hidden assets. Seek legal help if you believe your spouse is not entirely honest in your Freehold divorce.