Ending your marriage is difficult enough without the sinking feeling that your spouse is hiding marital property. Many divorcing people worry that their partner is minimizing income or assets to reduce potential alimony or child support payments.
It is a violation of court rules and orders to withhold financial information in a Florida divorce. The attorneys at the Law Offices of Forrest & Forrest, PLLC, are skilled at uncovering these complex and deceptive tactics. Here are ways spouses hide assets, how skilled lawyers find them and the serious potential penalties for financial dishonesty.
Common concealment methods
Florida law requires both parties to file a sworn financial affidavit and fully disclose their finances through supporting documents, as outlined in Florida Family Law Rule of Procedure 12.285, which mandates the exchange of specific, comprehensive financial information.
Still, some people try to cheat the system. They use several ways to conceal assets or reduce the appearance of wealth, including:
- Asking an employer to postpone bonuses or commissions until the divorce is final
- Creating a fake or undocumented loan to a friend or family member and then “repaying” it
- Overpaying business expenses, underreporting cash income or running personal expenses through a business account
- Hoarding cash in a safe deposit box or making significant, secret investments in hard-to-trace cryptocurrency
- Intentionally having too much tax withheld from a paycheck to receive a large refund post-divorce
These actions are not mistakes; they are intentional attempts to mislead the court and their spouse. The court takes both deliberate and unintentional violations seriously.
How lawyers find concealed assets
Uncovering hidden wealth starts with recognizing the “red flags” of financial deceit. An unexplained change in lifestyle, missing financial statements, or a sudden, dramatic drop in reported income often raises suspicion.
Attorneys use discovery tools provided by Florida law to “follow the money trail.” These methods include:
- Subpoenas: Legal orders to obtain financial records directly from third parties like banks, employers and business partners
- Financial specialists: Lawyers often hire forensic accountants, who review complex business and personal spending records to identify discrepancies and provide a clear financial picture
Our lawyers work closely with these financial professionals to build a strong, factual case that protects your financial well-being.
Consequences of hiding assets
A spouse caught concealing marital property or income can face severe penalties under Florida law that hold dishonest parties accountable. Potential consequences for a spouse who lies about finances include:
- Unequal distribution: The court may award the innocent spouse a larger share of the marital estate, and, in cases of intentional concealment, may award the innocent spouse the full value of the hidden asset as a sanction for the misconduct.
- Sanctions: The court may order the dishonest spouse to pay their spouse’s attorney’s fees and the costs of the financial investigation.
- Contempt of court or perjury: Lying under oath in a financial affidavit constitutes perjury, a felony, and can independently result in a finding of contempt of court, fines or criminal prosecution.
The court’s primary goal is to ensure a fair and equitable division of property. Our lawyers’ mission is to enforce that principle by identifying and stopping financial deception.
Get the financial settlement you deserve
If you suspect your soon-to-be ex of financial shenanigans, you do not have to fight their deceit on your own. Florida law requires transparency, and our experienced and compassionate divorce attorneys are committed to enforcing that requirement to protect your rights and assets. Contact our firm at 954-859-1715 to schedule a confidential consultation.