The act of concealing assets during dissolution of marriage proceedings refers to actions taken to prevent a spouse from accessing or becoming aware of funds and property that would otherwise be subject to division. This can manifest in various forms, such as transferring funds to offshore accounts, undervaluing assets, or creating fictitious debts. As an example, an individual might move money into a trust controlled by a relative or friend, intending to reclaim it after the divorce is finalized.
The motivation behind such actions often stems from a desire to protect individually acquired wealth or perceived unfairness in potential settlement agreements. Historically, legal frameworks addressing marital asset division have evolved to ensure equitable distribution, leading some to attempt concealment as a way to retain a larger portion of the marital estate. Understanding the legal and financial implications surrounding asset division is crucial in divorce cases.
