When a couple is older, there’s a better chance that they’ll have a higher net worth than their younger counterparts. For this reason, so-called “grey divorces” tend to involve more money, assets and property. Divorcing seniors sometimes have retirement accounts, pensions, various real estate investments, art, antiques and other types of valuables — all of which will need to be divided during their divorce proceedings.
When more assets are involved in a divorce, there’s also a higher chance that one of the spouses will try to hide certain assets even though it’s unlawful to do so. Divorce seniors should, therefore, be on the lookout for any hidden assets in the following places:
Foreign bank and investment accounts: Sometimes a dishonest spouse will try to funnel money to an offshore account so it won’t be subject to asset division.
Undervaluing businesses: If your spouse owns a business, the company is probably a part of your marital estate and therefore divisible. One trick spouses may do is to cook the books to make the business appear less valuable. Be sure to use a professional business appraiser when determining its value.
Transferring money out of family bank accounts to a third party: It’s not unheard of for a spouse to withdraw massive amounts of money and investments just before filing a divorce, and sending these assets to a third party like a brother, sister or cousin. This is unlawful.
These are just several of the tricks unscrupulous spouses might use to hide money and assets that belong in the marital estate. If you suspect your spouse is hiding money in your divorce, don’t give up on the issue until you get to the bottom of what’s actually going on.