How some divorcing spouses try to hide assets

| Aug 13, 2015 | Property Division |

Trust is one of the foundations of every successful marriage. Most people have to know their spouse is being honest with them for the relationship to work. This means not having an affair behind your spouse’s back, fully sharing in financial and parenting decisions, and so on.

When trust breaks down, often the marriage cannot be saved. Next comes divorce, and the division of assets. A proper split of assets and debt requires each side to be open and honest about their finances. Unfortunately, some spouses try to get around this responsibility by hiding assets. They may give cash or items to relatives or friends, or physically stash the stuff somewhere. Or they may claim that certain assets are worth less than they actually are.

The good news is, an experienced divorce attorney knows what to do to sniff out hidden assets. By combining the proper documentation for real estate and business assets with the assistance of experts, your lawyer will be able to determine if your spouse is trying to undervalue these assets. Tracking down concealed assets may also be possible.

Honesty is a virtue, but some people going through divorce choose to lie about their assets, perhaps out of a desire for revenge or fear they will be left destitute. Not only is this dishonest, it could make negotiating a settlement impossible once the deception is discovered. Indeed, it is very difficult to negotiate with someone who is not dealing in good faith. However, it is also possible to receive a fair share of the property in court.


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