Hiding assets on divorce is not an option

Hiding money or other assets during a divorce is unlawful but some people still seem to think it is worth trying.  There is a range of blog posts on the internet about the ways in which people have attempted to do this and failed.

Traditionally, two of the most popular ways of hiding money have either been to hoard cash before a relationship finally comes to an end or transfer money to family members or new partners with a view to getting it back later.

Crypto assets are not a safe haven for those trying to hide assets on divorce

Recently there have been increasing instances of people attempting to hide funds in crypto assets, believing that these will not be visible to their former spouse, in the same way as traditional bank accounts, credit card statements and so on.  However, this is flawed logic and the penalties for being caught doing so are just as severe.

Good legal advice is the much more cost-effective approach

Some of the most insightful commentators point out that if you are considering trying to hide assets then it is perfectly possible your spouse is trying to do so too.  In which case, getting good legal advice and making sure that you can track down any assets that your spouse is trying to hide, is a much better bet than trying to conceal any yourself.

Financial transparency is key

Tempting though it may be to try to conceal assets so that they aren’t counted as part of the ‘matrimonial pot’ on divorce, the end results of doing so are unlikely to be positive.  These may include ending up with higher legal fees while your respective lawyers unravel the issues, and the person who has caused the issues may be required by the Court to pay the other spouse’s legal costs.  In a more extreme scenario, the police might become involved.

Valuing unusual assets on divorce

The majority of people who are getting divorced are still primarily considering the family home and other property, pensions, bank accounts, other traditional financial investments and any business interests. However, there are other items which may need to be considered including:

• Royalties from music or literary works
• Collectable items – which might be anything from stamps to vintage cars - or works of art
• Crypto assets
• Any assets which have been ringfenced by either a Prenuptial or Postnuptial Agreement
• Agricultural Land, commercial properties or unique homes which require chartered surveyors or professional RICS (Royal Institute of Chartered Surveyors) valuations as standard estate agents’ appraisals are often insufficient.

Contact our divorce lawyers for individual advice

If you need advice in relation to your divorce, and particularly in relation to the financial aspects, please talk to us before considering taking a DIY approach. People doing their own divorce (known as litigants in person) rarely come out well from divorce proceedings if their spouse is taking legal advice.

Our divorce lawyers will be happy to see you at any of our offices – in King’s Lynn, Ely, March, Wisbech or Downham Market – or can offer remote appointments if needed.  We also offer a fixed fee first appointment if this would give you additional peace of mind to get the process started.

How To Contact Us:

To contact a member of our team, you can fill in our online enquiry form, email info@fraserdawbarns.com, or call your nearest office below. If you’d like to speak to a member of our team at one of our offices across Norfolk and Cambridgeshire, visit our offices page.

Wisbech: 01945 461456

March: 01354 602880

King’s Lynn: 01553 666600

Ely: 01353 383483

Downham Market: 01366 383171

This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek advice specific to your own circumstances. Fraser Dawbarns LLP is always happy to provide such advice.