Divorce is never easy, especially when there are hard feelings or bad blood between partners. Unfortunately, some partners try to take matters into their own hands and hide assets to get back at their spouse or shield themselves from taking financial responsibility.
Hiding assets is a tactic that seeks to deprive a spouse of their rightful property and assets, as outlined by Missouri’s equitable distribution system. Understanding which types of assets partners typically attempt to hide and how a skilled divorce attorney can help protect you gives you the strongest chance of getting what you deserve.
What Does Equitable Distribution Mean?
Generally, two systems govern how a state distributes assets during divorce: community property and equitable distribution. Missouri, like many states, follows the equitable distribution principle. Under this system, the court divides marital assets between spouses based on what is “fair and equitable.” Many people confuse equitable distribution with an even 50-50 split. That is not always the case.
Equitable distribution means the court can consider numerous factors when evaluating a fair distribution between parties. Factors the court can consider when determining a fair split of marital assets include child custody arrangements, the value of each spouse’s nonmarital property, the contribution of each spouse to the acquisition of marital property, and each party’s conduct during the marriage.
What Are Examples of Commonly Hidden Assets?
A spouse may wish to hide assets from their partners during divorce for various reasons. Many engage in this behavior to avoid fair property distribution, saving a large portion of the pie for themselves and withholding it from their partner. This strategy can also help reduce certain assets’ perceived value, minimizing what the court would mandate as their share. Examples of some of the most frequently hidden assets during Missouri divorce cases include:
- Business assets
- Undisclosed or separate bank accounts
- 401(k) and other retirement accounts
- Pension benefits
- Cryptocurrency
- Stocks
- Jewelry
- Cash
- Collectibles and antiques
Individuals can attempt to hide assets by transferring money or property to friends or relatives, hiding assets in private or offshore bank accounts, or intentionally undervaluing or misrepresenting the dollar value of particular assets. Partners may also attempt to open and transfer assets into trust funds or shell companies. It can take careful forensic accounting to establish and find hidden assets so they can be fairly divided during a divorce.
Hiding assets during divorce is a criminal offense in Missouri and can lead to consequences like fines and imprisonment. A judge can also hold the spouse hiding the assets in contempt of court and impose additional penalties that can affect the division of assets and potentially give a significantly larger portion of the marital assets to the wronged spouse.
A St. Louis Divorce Attorney Can Help You Get What’s Fair
You have contributed to building a life with your partner. Don’t let them unfairly take advantage of you and prevent you from receiving what you deserve in a divorce. An aggressive divorce attorney with Grant, Miller & Smith, LLC, can advocate for you and help track marital assets. Contact our office immediately to arrange a confidential divorce consultation.