When many people divorce, they still act amicably toward one another. However, even if you are still in relatively good terms with your spouse during the divorce process, you want to keep an eye out for any potential hidden assets.
Wisconsin courts will divide assets equitably in a divorce. Therefore, some spouses will try to hide assets for the time being until the divorce is final. At that point, they take the assets out of hiding and keep 100% of them. If you suspect your spouse is capable of such an act, then you should keep the following in mind so you can locate these assets before it is too late.
Overpaying the IRS
Most people would not intentionally give the IRS more money than they have to during tax season. One tactic some people use to hide assets is to grossly overpay on taxes and then leave the money there. The IRS typically will not refund the money until you send in a request. As a result, people use the IRS as a type of bank to horde money until they file a request at a later date to retrieve it.
Repaying debts is not necessarily a bad thing. However, when a spouse can tell the marriage is about to end, he or she may begin using marital assets to pay off student loans. Typically, these are loans considered separate property, but a spouse will use joint funds to pay it off so that the loans go away once the marriage is over. A person may also “repay” a debt toward a friend, but in actuality, he or she just wants to hide the money for the time being.
Using a child’s bank account
Most children do not have their own bank account. That will not stop one spouse from using the child’s Social Security number to open an account and hide money there.