May 17, 2012 (Press-News.org) A marriage is a partnership; when it ends, both partners should be entitled to a fair share of the financial fruits it bore. Even so, sometimes one spouse attempts to hide assets in an effort to prevent them from being equitably distributed.
Concealing assets during a divorce is not only wrong, it's illegal. But, with help from a qualified divorce attorney and a little knowhow, you can prevent your soon-to-be ex from pulling a fast one.
Common Vehicles of Deception
Unfortunately, hiding assets is not as difficult as you may think. Financial folios for most couples are becoming increasingly complex; gone are the days when a married couple simply shared a joint bank account. Real estate, brokerage accounts, stock holdings, retirement or pension plans, deferred compensation, life insurance with cash value, a family business -- all these and more may be integral to the financial snapshot of you as a couple. Given the complexity, though, most individuals are not fully up to speed on every asset, making many assets (especially the obscure ones) attractive hiding places for equity.
Beyond hoping you won't look in some of the less obvious places, your spouse may employ tactics to actively trick the system and make it appear that he or she has fewer assets. For instance, your spouse may:
- Set up an account in the name of or transfer stock to a friend, family member or lover
- Overpay the IRS or creditors in the hopes of getting a refund after the divorce is final
- Defer salary, hold bonuses or wait to sign new business contracts until after divorce proceedings are complete
- Create fake debt by establishing loans with close friends, family members or associates
Sniffing Out the Assets Your Spouse Has Secreted Away
So you suspect your spouse of hiding assets. Now what?
The first step may be bringing in a divorce financial planner to prepare a lifestyle analysis -- in other words, a thorough evaluation of your pre- and post-divorce standards of living. A lifestyle analysis is helpful in setting alimony, determining child support and helping set up a post-divorce budget. As an added bonus, if the lifestyle analysis shows your marital living expenses exceeded the amount of known income, assets and loans, it reveals that your spouse is almost certainly hiding something.
Once you know there are assets being kept from you, you and your attorney can begin tracking them down -- and forcing your spouse to pay for his or her dishonesty. If you're considering divorce and wonder if your spouse is hiding something, contact a divorce attorney today.
Article provided by Breeden Law
Visit us at www.breedenlaw.com
Hide and Seek? Finding Assets in a Divorce
It is important to know how to look for possibly hidden assets when you and your spouse are divorcing.
2012-05-17
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[Press-News.org] Hide and Seek? Finding Assets in a DivorceIt is important to know how to look for possibly hidden assets when you and your spouse are divorcing.