Going through a divorce is tough enough but finding out that your spouse has been hiding assets can make the process even more difficult. Unfortunately, this is common in divorce cases, as one spouse will try to protect their finances by keeping certain assets hidden from view. But what exactly counts as an asset, and how can you combat this issue if it arises?
What Assets Can Be Hidden During Divorce?
The first step in combating asset hiding during divorce is understanding what kind of assets can be hidden in the first place. A common misconception is that spouses can hide only physical objects, which is false. In reality, they can hide anything of value during divorce proceedings, including money, property, investments, and even debt. And if these assets are not discovered and accounted for, it could significantly impact the outcome of your divorce settlement.
How Are Assets Hidden During Divorce?
Your spouse can hide assets in multiple ways. The most common methods include the following:
- Transferring funds or property ownership to a trusted friend or family member.
- They may try to conceal income by using cash instead of checks or credit cards.
- Another tactic is to put property or money into a trust. Often, these trusts may be set up so the spouse cannot access them until the divorce is final.
- Some spouses will try to delay selling property or liquidating assets until after the divorce is complete.
How Can Hidden Assets Be Found?
If you suspect your spouse of hiding assets during your divorce, there are several steps you can take to uncover them. First, request copies of all financial documents such as bank statements, tax returns, pay stubs, and credit card statements. It would be best to consider hiring a forensic accountant to review your spouse's financial records thoroughly. They will know what to look for and find any discrepancies. Finally, don't hesitate to contact an experienced divorce attorney who can help you investigate any suspicion of asset hiding and build a strong case on your behalf.
What are the Legal Consequences of Hiding Assets During a Divorce?
It's important to remember that hiding assets during a divorce is unethical and illegal. If you are able to prove that your spouse has been deliberately concealing assets from you, they could be subject to serious legal consequences. These may include paying a fine, being ordered to give up hidden assets as part of the divorce settlement, or even being jailed for contempt of court.
Miami-Dade Divorce Attorneys
All divorce aspects are challenging, so it is important that you have an attorney who will fight for you. At Orshan, Spann & Fernandez-Mesa, we have what it takes. Give us a call so we can discuss how to help you through this stressful time. (305) 853-9161