Dividing property during a divorce in Florida should be fair, but not everyone plays by the rules. Some spouses try to hide money or valuables to avoid sharing them.
Common methods of hiding assets
A spouse may move money into a hidden bank account or ask a friend or family member to hold onto it until the divorce is over. Some people delay receiving a bonus or raise at work so the money does not get counted during the divorce. Others may suddenly claim a drop in income or business profits, even if the business is doing well. In some cases, a person might create fake debt by pretending to owe money to someone else.
Some sell a piece of property or item for less than its worth with plans to get it back later. Another trick involves overpaying taxes or credit cards with the hope of getting a refund or credit after the divorce, keeping the money out of sight during the property division process.
A spouse may try to hide physical items by transferring expensive jewelry, electronics, or collectibles to a storage unit or keeping them at someone else’s home. Then, the individual may underreport the value of these items or claim they were lost.
The importance of transparency in asset division
Florida follows the rule of equitable distribution, which means property gets divided fairly but not always equally. Hiding assets breaks this rule and puts one spouse at a disadvantage.
Dishonesty during a divorce can lead to serious consequences. If a judge finds out that someone hid assets, they may award a larger share to the honest spouse. Staying informed about the ways people hide money or property helps sincere spouses stay alert and protect what they deserve.