Finding hidden assets is important for creating fair settlements
One of the most common traits of marriages that are on the brink of ending is the loss of trust between partners as the honesty and openness that once typified a relationship turns to suspicion and resentments. And as things move toward the divorce process, a spouse may begin to try to hide assets so they cannot be divided with the other spouse. And while such conduct is illegal and unethical, it’s also not uncommon.
If you are entering divorce proceedings with your spouse, it is critical for your future financial well-being that all marital assets are accounted for and made available for potential division. But this can be a tricky proposition if your spouse has found ways to conceal the existence of funds or property. Some of the more common ways that such subterfuge is carried out includes:
- Hiding cash around the house, at an office or in a safe deposit box.
- Creating fake debt by making bogus loans to family or friends. Essentially, these “loans” are really just funds that will be held and then returned after the divorce concludes.
- Overpaying on a tax return prior to the divorce and then receiving a refund when the divorce has been finalized.
- Having an employer defer payment of commissions or bonuses until after the divorce.
In today’s complex financial world, there are many ways that money and property can be hidden from plain sight. Trying to bring these assets to light can be difficult if you are not aware of all the places you need to look. For this reason, you may greatly benefit by having a savvy family law attorney look into the matter for you. An attorney can use a variety of tools and methods to unearth the assets that could add substantial value to your final settlement.