There’s no question about it, divorce can be messy. Spouses are given the difficult task of separating their lives and assets during an emotionally volatile time. It may come as no surprise that heated conflicts often arise. Unfortunately, these disputes sometimes cross the legal line, such as when a spouse attempts to hide marital assets during the division of property. This can be particularly concerning in a high net worth divorce or when spouses own unique or complex assets. Individuals who suspect their partner may attempt to hide assets have several legal tools available to them.
Discovering Hidden Assets
Typically, the division of assets begins with an inventorying and reporting of property and debts in a process known as discovery. However, when a spouse has made the choice to hide assets, voluntary disclosure can produce an incomplete financial picture. It may be necessary to employ tools such as subpoenas, depositions, and requests for admission. Through these legal instruments, a spouse or witness can be compelled to testify under oath, provide the court with documents, or provide access to an item or location. The failure to comply with a court order can result in monetary fines or other punishments. Additionally, financial specialists such as forensic accountants and appraisers may be called in to assess a situation.
Methods for hiding financial assets can include:
- Transferring money to friends or family
- Delaying a raise, bonus, or commission payment at work
- Purposefully undervaluing assets
- Depositing money in hidden accounts
- Inventing or overpaying on debts
Legal Help for the Division of Assets
If your marriage has come to an end, gathering evidence as soon as possible is highly recommended; however, the information you need may not be accessible without legal help. At Eiges & Orgel, PLLC, our team is highly knowledgeable of the financial and legal aspects of divorce. We know where to investigate for hidden assets as well as when to use the appropriate legal tools. Every case is different and if you have questions about your specific situation, do not hesitate to contact our attorneys.
Get started on your case today. Call (347) 848-1850 or contact us online to speak with a knowledgeable attorney about your situation.