Home > Faq
"Secretion of assets" is just a legal term for hiding assets or property. "Assets" are defined legally as that which is of value and either tangible, like money and real estate, or intangible, e.g., good will or celebrity.
Hiding Assets to Keep Them from Being Divided
Your attorney may have been discussing the possibility that your spouse is planning to hide assets so that he or she can keep them after the divorce rather than split their value between you in a divorce's marital property settlement.
Secretion of assets is a very common phenomenon. Divorce judges have to deal with allegations of secretion of assets all the time, and they look upon secretion very unfavorably. Hiding assets from a marriage can take a variety of forms, such as:
Dissipation of Assets
In other cases, "dissipation of assets" takes place; here, a spouse spends assets in order to prevent them from being shared. Secretly spending the asset (e.g., emptying a bank account or safe deposit box are examples) is dissipation. Destroying assets simply to keep them from the spouse has also been documented. Other dissipation examples are:
Suspicion vs. Proof of Secretion/Dissipation
It is one thing to suspect that your spouse has plans to engage in secretion or dissipation of assets (or that he/she has already done so); it is another matter to prove it to a court. You may benefit from the services of a forensic accountant.
(Source: Divorce dex)
If you need further guidance regarding marital assets, contact us to schedule a private consultation with a divorce attorney.