The laws about property division in an Arizona divorce are clear. Couples with postnuptial or prenuptial agreements and those who settle their divorce issues by working together outside of court can retain control over property division. They reach their own settlement and then submit information to the courts for approval in their uncontested filing.
When a couple doesn’t agree about how to split up their property and they need the courts to help, community property laws apply. Typically, the resources a couple acquires during a marriage and the debt that they accumulate are community property that both spouses will share in the divorce.
Unfortunately, if one spouse intentionally hides assets from the other, this can unfairly skew the outcome of the property division process in their favor.
How do people hide assets before a divorce?
There are numerous means for people to hide assets and income from their spouses. Some people engage in this kind of conduct throughout the entire marriage, maintaining secret bank accounts and setting aside income that their spouse never even knows they are earned.
Others will start accruing resources when they decide they want to divorce. They might start making frequent cash withdrawals from the bank. They could even tack on a withdrawal to transactions at the grocery store to make the pattern harder to notice.
In cases where spouses already share valuable property, one spouse might start hiding physical assets from the other. Art, jewelry and even antiques could represent thousands of dollars in value that one spouse intends to hide from the other. Finally, spouses can hide property in a divorce by intentionally undervaluing their own assets, minimizing how much they have to share with their spouse.
Why do hidden assets matter so much?
Obviously, you can’t ask for your fair share of marital resources if you don’t know what your spouse owns or what those assets are worth. A spouse who has tucked away a small amount of their income every week for years could have tens of thousands of dollars hidden from you. Simply put, it is less likely for you to achieve a fair outcome in your divorce if your ex hides resources.
Understanding how hidden assets affect property Division and how to track them down can help you achieve a fair resolution in your divorce.