Property division can be an intricate process, especially when hidden assets enter the picture. A spouse may try to conceal assets to gain an upper hand, leaving their partner worried about their future.
As tensions can rise, it is essential to know the signs of hidden assets and the steps to take to uncover them. If you think your spouse may be hiding assets from you, what can you do to protect your rights?
Signs of hidden assets
In a divorce, spouses have a legal obligation to disclose all marital assets. Therefore, it is crucial to look for signs of hidden assets, such as inconsistent financial statements and unexplained withdrawals or transfers. Additionally, if your spouse is evasive or secretive about their financial dealings, it may mean they are hiding something.
Consequences of hidden assets
Hiding assets can have serious consequences because it can affect the fair division of property. Further, the confirmation of hiding assets may lead the court to consider this behavior when determining alimony and child support payments. In some instances, a spouse who hides assets may even face criminal charges for fraud or perjury.
Taking control of your financial future
Meanwhile, taking control of your financial future requires a proactive approach, and it involves gathering essential information. Thus, it is crucial to gather relevant documents, such as tax returns, bank statements and investment records to identify potential discrepancies.
Seeking professional help
If you are dealing with hidden assets, seeking legal counsel can guide you in uncovering them. In some cases, a forensic accountant may also be necessary to help analyze financial records, track assets and provide expert testimony.
Pursuing a fair division of property
As the veil of hidden assets is lifted, it becomes clear that property division in divorce requires a delicate combination of trust, transparency and strategy. With legal guidance, you may better navigate the process as you pursue a fair division of property.