Money and Divorce

biscuts99 · 2024-05-13T14:09:07+00:00

Just don't. In discovery they'll get all your bank statements. If they see a transaction for 1000s they'll ask questions. Unless this money is hidden in cash there is already a trail.

For example, my wife's lawyer asked to see my WeBull account because I had a transaction to my bank from 2 years ago. I hadn't used the account in 2 years and it had 16 cents in it.

hofner5963 · 2024-05-12T23:11:33+00:00

I wouldn’t recommend it. You are required to disclose ALL assets in the process. Not doing so would be fraudulent. You friend can do whatever he wants, but just understand that courts would not look favorably if discovered.

pk2at · 2024-05-12T23:04:06+00:00

Yes, that works, now that we have crypto. You first open a crypto account in Cayman then wire money to a Coinbase account from your bank and purchase any crypto currency. Then transfer the crypto to the Cayman Islands crypto account, convert back to USD and transfer to Cayman bank. I have done the calculations, its simply not profitable to pay forensic accountants and go through forced disclosure with this scheme.

Despite community property laws in every state which say 'hiding assets in divorce is illegal', I have not found a single instance in my searches of 1000's of cases where the court ordered any government agency (state agency,FBI, IRS etc.) to try and track an asset hidden by the husband.

99% of all assets are discovered by voluntary disclosure (i.e. the husband like an idiot discloses his account number and balance).

kublakhan1816 · 2024-05-12T21:21:43+00:00

Yeah buddy go for it. Tell him another option is put all his money in dogecoin.

Thr08wayNow · 2024-05-12T20:24:14+00:00

Quick take, broadly applicable but lacking in subtlety or nuance:

It’s a form of fraud, especially if done with a transferee: fraudulent conveyance. In a community property state, hiding community property from the co-owner spouse is a fraud, they can get the transfer reversed, attorney fees and possibly punitive damages. If a transferee is involved, they are on the hook as well as a co-conspiracy.

Just suck it up and get a prenup if there’s a next time.

RevolutionaryLaw8854 · 2024-05-12T18:47:39+00:00

In theory, yes.

However, the source of the funds can be traced. So how is this person going to fund those accounts? If we’re talking about significant assets, then a forensic accountant would be able to identify the source of the funding for those accounts.

Generally courts don’t treat kindly to parties hiding assets in a divorce

Title	Money and Divorce
Author	wisstinks4
Upvotes	2
Comments	12
Date	May 12, 2024 6:28 PM UTC (2 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/1cqefsj/money_and_divorce/
Archive Link	https://theredarchive.com/r/Divorce_Men/money-and-divorce.1518278 https://theredarchive.com/post/1518278

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