Dealing with hidden assets during a divorce

On Behalf of | Apr 4, 2022 | Divorce

Property division following a divorce does not always go smoothly. Your spouse may try to short-change you out of some assets in the marital estate by hiding them or failing to disclose their existence to the court. It means that, in the end, you will end up with less than you deserve.

It is crucial that you pay attention to the whole process of dividing assets. By staying ahead of the situation, you will ensure that you get your fair share of the assets.

Where should you look?

To uncover any financial discrepancies, you need to follow the paper trail. If you notice any sudden drastic changes in the records, that is a red flag you should look into since it could show that something is amiss.

For instance, income tax records, credit card and bank account statements can provide crucial leads. Business records can also point you in the right direction. In some cases, you may need to hire a private investigator or a professional accountant to get the job done.

What next?

Once you establish and have evidence that your spouse has hidden some assets, you need to bring it to the court’s attention. Your spouse may face penalties such as losing ownership of the asset in question and the possibility of fines and even jail time for lying under oath. The court could also order them to pay your legal fees.

Safeguard your interests

Your financial position is likely to change following the divorce, and you could lose out on a lot if your spouse decides to hide marital assets. Therefore, you need to know what to do in unearthing such assets and protecting your interests if you suspect foul play.

Remember that time is not on your side, and the sooner you take action, the better.