Divorce and Hidden Assets
Divorcing couples go through a process of dividing marital assets and debts, including real estate, financial accounts, and more. If one partner tries to hide certain assets, it can cause significant legal problems for them and financial hardship for you.
A first step in uncovering hidden assets is when the finances of your marriage do not add up. Your current financial situation should make sense based on your joint income over the last several years. So, if over the last 10 years, you and your spouse have earned about $500,000 per year with living expenses of $10,000 per month, and you have zero investment and savings, we would ask where the money is.
If you think you should have significant savings and do not, then you might want to start tracing when the money was transferred and to where.
Uncovering Hidden Finances Starts With Looking in the Right Places
It’s expected that you’ll divide your assets and be fully transparent with your spouse amid the process. However, some sneaky spouses try to conceal assets and avoid a full financial disclosure. They might:
- Temporarily transfer funds to loved ones
- Create offshore bank accounts
- Alter information on tax returns
- Adjust business records
- Purchase property under a different name
If you believe your ex is hiding assets from you via property division fraud or offshore accounts, divorce lawyers can step in.
What Are the Consequences of Concealing Marital Assets?
One may think that concealing assets is a surefire way to dissolve a marriage with the upper hand. However, harsh penalties exist for those who try to cheat the system. The consequences of hiding assets during a divorce include:
- Fines
- Criminal sanctions for fraud
- Awarding the other spouse more assets in the proceedings
A paper trail always exists when it comes to real estate, investment accounts, and tax returns. If you want to uncover concealed assets, we can bring a professional and/or forensic accountant onto the team. Divorce proceedings can turn messy and expensive the longer they drag out, so let a trusted accountant scope out any concealed money or investments.
Cryptocurrency Raises Concerns
If your spouse invested in Bitcoin or other cryptocurrencies during your marriage, but now claims they have no investments during a divorce, are they telling the truth or trying to limit the amount of money you receive in your settlement?
Suspicious behavior calls for a thorough search of these accounts and questioning from legal counsel.
Monitor Hidden Debt and Act Accordingly
Hiding assets from a spouse presents problems, but hidden debt creates other financial hurdles for divorcing individuals. Never dissolve your marriage without confirming the unresolved debt in your name.
Request a credit report to see what outstanding debts are in your name. We can review the report to ensure you are familiar with each debt and then work with you to investigate others that you don’t think are yours. For example, if you’re responsible for a car loan that is not yours, we will need to do some investigating to clear the loan from your account.
Hire an Experienced Divorce Attorney To Guide You Through This Complex Process
Going through a straightforward divorce can be an emotional time, but dealing with divorce and hidden assets presents greater challenges. Turn to Karen Ann Ulmer, P.C., for assistance. Our knowledgeable attorneys will help you navigate the process and dissolve your marriage with a fair settlement.
Call (866) 261-9529 to request a consultation today.
