During a divorce, some spouses in Hawaii might wonder if a partner is trying to hide assets. This could be because of suspicious activity connected to their finances. Money vanishing from a joint account without explanation or missing account statements could be the first indication. Some people might assume that cryptocurrency transactions leave no trace, but these might show up as transfers to trading sites or PayPal.
Having a good idea of how a spouse gets paid can be helpful. For example, if the spouse gets a bonus at the end of the year and it does not appear on that year’s finances, this could indicate that the money may have been deferred in an effort to keep it separated from the marital assets. Other sources of income could include commission, dividends, royalties, pension payments and more.
A large withdrawal might be explained as a payment to the IRS or a credit card company. The problem is that this could be an overpayment that the person knows will not be refunded until the divorce is final. Another ploy is a sudden interest in art, antiques or other collectibles. The soon-to-be ex-spouse might purchase valuable items and claim that they are worthless when both individuals reveal their assets.
Even when neither spouse is attempting to hide assets, the property division process can be complex. For example, if there is a home, the couple will need to decide whether to keep it or sell it. Selling the home might seem like an easy solution, but it might need repairs or renovations, and they must decide who will pay for this. A family law attorney could help a client come up with a wise divorce arrangement.