Hidden Assets in Your High-Asset Divorce Case

Divorcing spouses are expected to disclose their assets and income during a divorce. This is especially crucial in a high-asset divorce case. Unfortunately, some spouses try to prevent the other spouse from getting their fair share of the marital estate by transferring assets to other individuals, lying about the value of their assets, or even physically hiding cash or valuables.

If you are getting divorced, it is important to be vigilant for signs of this type of financial fraud. A divorce outcome should be based on accurate financial information from both parties. Not only does lying about finances rob the other spouse of a fair outcome, it is also unlawful.

Ways a Spouse May Hide Assets During Divorce

One of the most common ways that divorcing spouses commit financial fraud is by failing to disclose all of their assets. For example, a spouse may have significant funds stored in an offshore bank account that the other spouse is not aware of. When it comes time to fill out a financial disclosure and start the property division negotiation process, the spouse simply fails to bring up this bank account.

Spouses may also undervalue assets by claiming they are worth much less than the actual value. This is easiest to accomplish with difficult-to-value assets such as business interests, investments, digital currency, or even fine art.

Some divorcing spouses resort to physically hiding money or valuable items such as jewelry during the divorce. They may ask a friend to hold the assets for them or put the assets in an undisclosed safe deposit box. Individuals going through a divorce may also transfer money to another individual under the guise of repaying a loan.

Signs to Be Vigilant For

If you are getting divorced, make sure to be vigilant for signs that your spouse is hiding assets or income. One of the most common signs of financial deception is secrecy surrounding finances or refusing to discuss finances. Has your spouse changed the passwords on your online banking accounts? Have credit card statements, bank statements, tax returns, or other financial documents gone missing? Does your spouse get angry when you try to discuss financial matters? These are all red flags that a spouse may be hiding assets during a divorce.

Work With a Skilled Divorce Lawyer

Divorce attorneys can use a variety of tactics to find hidden assets and income during a divorce case. Subpoenas can be used to get bank statements from financial institutions. Depositions can be used to gather information from a spouse while he or she is under oath. Forensic accounting, a process during which financial records are carefully scrutinized, is also a useful tool during a divorce case involving financial deception.

Contact our Fort Worth Divorce Lawyer

Decatur divorce lawyer J.A. Griffin is equipped to help you find hidden assets and seek a divorce outcome based on the truth. Call J.A. Griffin Law Firm, P.C. at 817-926-6153 to set up a confidential consultation to learn more about how we can help.

Source:

https://www.forbes.com/2007/11/01/divorce-assets-hiding-pf-estates-in_mb_1101money_inl.html