During a divorce, one of the heavily discussed topics is the division of marital property. To get there, both parties must disclose all assets, income, and debt to ensure spouses are receiving an equitable share. Sometimes people become concerned about how their money and property will be divided, so they try to take matters into their own hands.
Reasons for Hiding Assets
There are two ways to divide property: community property and equitable distribution. For the purpose of this blog, we’re going to be talking about equitable distribution states since that is what’s used in Florida. Under this law, marital property must be divided equitably, not 50/50. They will examine a multitude of factors, such as the length of the marriage, contributions to the marriage, and each party’s income. Courts also consider your assets as a basis for alimony or child support.
Some spouses believe that they are entitled to keep all their assets and attempt to hide them or do it so they can pay a lesser amount in support. Of course, doing this is a bad idea that can come with legal consequences.
There are many ways that a spouse may try to conceal assets. One of the most common ways to do this is to give the asset to a friend for safekeeping until the divorce is finalized.
Uncovering Potential Hidden Assets
If you suspect your spouse of hiding assets, you should inform your attorney immediately. Together, you can use the discovery process of the divorce to review financial accounts, produce financial documents, and depose your spouse. This legal tool allows you to search through critical information that may help you uncover any deceitful activity. In addition to that, your spouse may be called in to provide a live testimony under oath. Lying during this deposition in order to hide assets will be considered perjury and may come with severe sanctions.
If you are unable to uncover suspected hidden assets through discovery, you can hire an investigator or forensic accountant.
Consult Our Attorneys at Orshan, Spann & Fernandez-Mesa
Our attorneys are here to walk you through this difficult time in your life. We are skilled at analyzing all assets from businesses and corporations to savings accounts and investments. Our team is committed to resolving disputes without sacrificing our client’s rightful share. If you believe your spouse may be hiding assets, we can help you uncover them.