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How your spouse may try to hide assets

The allure of hiding assets is very real. Your spouse has to report what he or she has, and you may end up with half of it. That gives your spouse a motive to hide portions of the assets, so as to come out the other side with more than you. This is illegal, but it still happens in divorce cases in Canada. Below are a few examples of ways people may try to hide assets.

-- Setting up a new account. This could be as simple as setting up a secret bank account and then slowly funneling money out of the main family bank account in the months leading up to the divorce. When the divorce happens, your spouse then just reports that main bank account, with that secret one still hidden.

-- Getting cash back when making purchases. This is a slick and easy way to get money out of the account, slowly, without making a huge withdrawal that is going to be easy to track. Every time your spouse goes to the store, he or she could just get $100 in cash back on the debit card, then file that money away somewhere.

-- Giving money to family members. With this trick, your spouse could give his or her brother a "gift" of cash and a wink. The brother (or sister) then maintains that it's his, but he "decides" he doesn't need it after the divorce is finalized and gives it back.

-- Rejecting a promotion. This is also often done with a wink. Your spouse could turn down a hefty promotion, reducing his or her earnings, only to ask for it when the divorce is over. This can sometimes be done as an attempt to reduce support payments.

Watch out for these tricks and more when splitting up. If you think you're being scammed, look into all of your legal options.

Source: AOL, "10 Easy Ways to Hide Assets From Your Spouse," Robert Pagliarini, accessed July 01, 2016

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