When you and your spouse decide to pursue a divorce, understanding your rights during this process is critical. In general, you’ll find that one of the most contentious aspects of this process is the division of assets, especially if finances contributed to the disintegration of your marriage. Unfortunately, you may find that your spouse is hiding assets during this process, leaving you unsure of how to proceed. If this reflects your circumstances, the following blog explores what you should know about your legal options, including the importance of working with Long Island property division lawyers to discuss your circumstances.
Why Do Spouses Conceal Assets, and What Methods Are Common?
In most instances, spouses will conceal assets in the hopes of receiving a more favorable outcome during the divorce. When a couple files for divorce and cannot agree on how to divide their assets, the court will distribute their marital assets, meaning any asset obtained after the divorce, using the state’s equitable distribution process. This means shared assets are divided based on each spouse’s contribution to the marriage, as opposed to an automatic even split.
Often, spouses will conceal assets by transferring or “gifting” them to friends and family with the intention of having the gift given back after the divorce has been finalized. By removing the asset from their possession, many spouses believe this is an easy way to ensure they can retain the property during the divorce as opposed to having it divided as marital property.
Additionally, some spouses may hide assets through the use of hidden bank accounts that their spouse may not know about. In many instances, the spouse will refrain from disclosing this account both over the course of the marriage and during the discovery process of the divorce.
What Can I Do if I Believe My Spouse Is Hiding Assets?
If you have reason to believe your spouse is hiding assets, such as noticing strange transactions, giving gifts to family and friends, or their income has seemingly decreased, it’s in your best interest to contact an experienced attorney as soon as possible. An experienced attorney can assist you in reviewing documents to look for suspicious transactions or inconsistencies that can help uncover any hidden assets.
In some instances, such as particularly high-net-worth divorces, working with a forensic accountant may be necessary. These individuals have extensive experience analyzing complex financial documents, such as business valuations, investments, and real estate portfolios, to help uncover whether or not any asset concealment has occurred.
As you can see, navigating a divorce in which concealed assets are present can be incredibly overwhelming. However, it is important to understand that you are entitled to a fair and fully disclosed divorce. As such, it is in your best interest to connect with an experienced attorney with the Sklavos Law Group, PC to explore your legal options. Do not hesitate to contact our team today to learn how we can fight for you.