You may have thought you knew your spouse the most out of everyone in this world while you were married. But once you start the divorce process, their behaviors, actions, and the revelations you have along the way may have you thinking otherwise. For one, you may be completely shocked when assets you knew you had during your marriage suddenly disappear. Without further ado, please follow along to find out what happens if your spouse hides bank accounts during your divorce proceedings and how one of the proficient Long Island property division lawyers at The Sklavos Law Group, P.C., can help you identify and rectify this misconduct.
How might my spouse get away with hiding bank accounts from me?
Even though you were heavily involved in your household finances during your marriage, your spouse may, unfortunately, still find ways to hide bank accounts and other assets from you. This may be in a desperate attempt to deprive you of receiving your fair share of marital property during the equitable distribution portion of your divorce.
No matter how much you think you trust them, you should not put this past them, and be on high alert for any of the following signs of financial misconduct:
- Your spouse may edit financial statements to exclude certain bank account information.
- Your spouse may transfer funds from a known to an unknown bank account.
- Your spouse may open a new bank account and begin depositing their income there.
- Your spouse may withdraw large amounts of money from a certain bank account.
Rest assured, you are not alone in your investigation. Your lawyer may have tons of experience in handling divorce cases where one spouse is being dishonest about their finances. Plus, they may have connections to skilled financial experts and forensic accountants, who may have access to the tools necessary to track down these hidden bank accounts.
What happens if my spouse is hiding bank accounts during our divorce case?
New York law holds that both spouses involved in a divorce proceeding must disclose complete and accurate financial information. This is because, without doing so, the family court cannot properly evaluate each party’s financial situation and thereby cannot make fair and just decisions regarding alimony, child support, and property division.
With that being said, even if your spouse is found to be hiding a single bank account, the court may be prompted to penalize your spouse for misconduct. This means the court may award a larger amount of monthly alimony or child support, or give you a greater share of assets, possibly including the hidden bank account and its funds.
A worse outcome for your spouse is if the court accuses them of fraud. This differs from misconduct in that the court believes there was intention behind their acts of deception. With this charge, your spouse may be held in contempt of court (i.e., fines and jail time) and ordered to pay for your legal fees, lawyer’s fees, and financial expert/forensic accountant fees.
Of note, confronting your spouse about these suspicions may lead to further concealment and destruction of evidence. Therefore, we recommend that you speak with a lawyer first to determine how to handle this tricky situation strategically. With that, please contact one of the seasoned Long Island family lawyers from The Sklavos Law Group, P.C., today.