I have accumulated a nice amount of assets simply by saving and investing. Some of it before I got married, some while married. Now I want to divorce but don't want her to get half of the funds. We have a joint account that has a little bit of money that I don't mind splitting with her, but my personal funds I want to hide. There are obviously records of what is in there today, and will be records of any withdrawals I make between now and the divorce. I was thinking about withdrawing the funds, purchasing gold or high valued coins, and storing them in a safety deposit box listed in my mother's name. During the divorce will I be held accountable for funds that were once in my personal account but are now gone? Does anyone have a better idea on how to move the funds out of my accounts and out of the site of the divorce laywers? PS - she doesn't know I am planning on divorcing her yet. I want to figure out this money thing first. Please help.
2007-07-19 08:59:33 · 19 answers · asked by FREDDYN 3 in Business & Finance ➔ Personal Finance
You want to figure out how to hide assets and there is a wealth of information on how to discover hidden assets:
http://www.msnbc.msn.com/id/9532502/
It will take time and preparation. If discovered .... well, let's just say you'll need some good legal advice.
One point though, assets owned prior to the marriage, if held separately, can be excluded from the division in many jurisdictions. It depends upon your state.
You will need legal counsel.
2007-07-19 10:00:09 · answer #1 · answered by Anonymous · 1⤊ 1⤋
This Site Might Help You.
RE:
How do I take money out of a bank account and hide it before a divorce?
I have accumulated a nice amount of assets simply by saving and investing. Some of it before I got married, some while married. Now I want to divorce but don't want her to get half of the funds. We have a joint account that has a little bit of money that I don't mind splitting with her,...
2015-08-19 11:58:43 · answer #2 · answered by Rica 1 · 0⤊ 1⤋
Buying gold and coins is not a good idea, you need to pay taxes for gold plus you might lose money on the resale and coins might be a risky investment if you are not an expert, besides those sale records will show up .
The safe desposit box of your mother is a good idea, you can hide the cash in there, but if something serious happen to your mother it might be hard or impossible to open the safe deposit box without her (so talk to a lawyer about how to keep control of that safe even if she is gone, maybe a "power of attorney" will work or to state on her "will" that you will keep the safedeposit). I would try to get more than one safe deposit box on someone else name besides your mother (but is hard to trust someone besides your own mother).
You can also open a bank account in a foreing country with strict privacy laws Like Switzerland, Panama or Singapore. If we are talking about big money it would not be a bad idea to talk to a lawyer and an economical advisor, I'm sure there are many legal loopholes that can be used in your favor.
And yes the records will show that you took money but if you do it on small amounts and not to close to the divorce they will have no way to prove you did to hide it (big money trasnfers will not look good). You can claim you have a gamblimg problem, or drinking and clubing and that you spend all the money, is not a crime to spend your money (be careful not to lie about stuff that can be traced back). They can only make you responsable for the money you have now, not for the money you used to have.
2007-07-19 10:27:27 · answer #3 · answered by ? 7 · 4⤊ 2⤋
Hiding Money From Spouse
2016-11-09 23:41:31 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It is illegal to hide assets of any kind during a divorce. However, many people do, or at least try to. And it's not surprising-one in three Americans admit to committing financial infidelity during their marriage so imagine how much it must actually occur during a contentious divorce...
Below is a link to a book that addresses that topic (every imaginable way):
Amazon.com: How to Hide Money During a Divorce: Asset Protection, Financial Infidelity, Divorce Fraud eBook: Sarah Turner: Kindle Store
Just make sure you don't get caught (assuming this isn't a hypothetical):
Civil Penalties
Asset-hiding spouses have been assessed court costs, ordered to pay the legal or private investigator bills of the opposing party, and had prenuptial or postnuptial agreements voided, which can cost the guilty party money. Judges tend to frown upon a spouse who hides assets. In a Washington State case, for example, a husband who repeatedly failed to produce current financial statements so angered the judge that he allocated 90 percent of the marital assets to the wife.
Criminal Penalties
Depending on the laws of your state, if you refuse to disclose assets or information requested by the court, you might be held in contempt of court, a misdemeanor which can result in fines or even jail time. If you lie about your assets in court, you might be charged with perjury for testifying falsely under oath. In California, for example, you can serve up to four years in jail for perjury. You might be charged with fraud, a criminal act, if a prosecutor decides to charge you with deceiving the other party by hiding assets. Penalties include restitution and jail time.
Post-Divorce Actions
Even if a spouse gets away with hiding assets during a divorce, he is still vulnerable if proof surfaces at a later date, especially since most divorce settlement agreements incorporate a clause requiring full disclosure of assets. But even in a simple agreement without such a disclosure clause, you are not protected if hidden assets are later discovered. The innocent spouse can petition to reopen the divorce settlement, which might result in similar penalties for the asset-hiding spouse had the concealment been discovered during the divorce action. The innocent spouse also could file civil charges against her ex-husband and request monetary and even punitive damages.
2016-01-16 16:04:04 · answer #5 · answered by Ricardo 1 · 1⤊ 0⤋
Nope. You're converting marital assets. The gold purchased with fund acquired during the marriage is still deemed marital property for divorce proceedings in most jurisdictions.
The only way is an offshore account in a foreign jurisdiction like Switzerland. She wouldn't be able to get to them and since they're in a foreign country under certain bank secrecy laws, they can't be seized. But you're likely to get in trouble with the judge for moving them offshore (I mean, you REALLY think she's going to think you've got nothing?)
2007-07-19 10:50:43 · answer #6 · answered by Bryan A 3 · 0⤊ 1⤋
Trying to hide money in this manner will only come back to bite you. The most profitable idea would to be honest. Explain that a majority of this was saved before the marriage. It can also be used as leverage for what you or she might want. Every thing is negotiable until it is final! Good Luck!
2007-07-19 09:12:53 · answer #7 · answered by Anonymous · 2⤊ 1⤋
How To Hide Money
2016-12-14 03:56:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Fred, your going into nomads land.The funds that were yours before should still be yours if you did a prenuptial agreement,also it depends on what state you live in.
Buying gold or coins brings in a fee, and with the low price of gold the only one making money are the sellers.
And you don't want a judge telling you to provide a list of assets ether.
Whats the trouble in your relationship, to bring about these get into trouble if you get caught trying to hide things endeavor ?
2007-07-19 09:23:56 · answer #9 · answered by DR DEAL 5 · 0⤊ 1⤋
Wow that is not easy you need to talk to an accountant and a lawyer. That is not anything that you can play with . It may be possible to place it in your child's name and just have become the responsible adult in charge of it but don't do that before talking to an accountant and a lawyer! Good luck
2007-07-19 09:07:02 · answer #10 · answered by Shirley W 2 · 0⤊ 1⤋