As someone planning to get a divorce, you want to make sure you identify as many of your assets as possible before heading to court. If you suspect that your spouse is hiding assets, then you may want to consider using a number of financial tools to identify those assets.
It is not unusual for spouses to hide assets, especially if they already knew the divorce was coming. Typically, the assets that are hidden are property and money; two things that can have high value.
To find hidden assets, you’ll likely want to work with a financial analyst, your attorney and forensic accountants. This can be a long process, and it may be costly. It’s a good idea to weigh the importance of discovering the assets you believe are being hidden against the expense of uncovering them.
Assets may be hidden through various means including giving large financial gifts or transferring funds to another family member. Transferring large sums of money should be a signal to you that your spouse may be hiding funds elsewhere.
It is not legal for your spouse to bg. In fact, if the court discovers that he or she has hidden assets, he or she may be penalized for the fraudulent acts. Even if no penalty is levied against your spouse, he or she will lose face in the court, and that means that the things he or she says may not be believed by the judge. Losing a reputation is highly damaging during a divorce, but if your spouse does, it’s something that could help you walk away with a settlement you’re happy with. Our website has more on what to do when you’re going through a divorce and need to divide your property.
