Is Your Spouse Hiding Assets?
When a couple is preparing to separate and divorce, it is common to start considering your net worth and how those assets will be distributed. It is unethical, but sometimes husbands or wives try to hide money when going through the divorce process. They do this because they do not want to divide assets fairly.
Where Assets Can Hide
If you suspect your spouse is hiding assets, know there are a handful of common ways to disguise or hide assets that should be divided in a divorce. These include the following:
- Income that isn’t reported or documented.
- Buying items, from art to antiques, that could be overlooked.
- Hiding cash itself, in a home or safe deposit box.
- Delaying business commissions or contracts.
- Moving stock to friends or family.
While many frown on the many ways people hide financial numbers from their spouses, the truth is that hiding assets and income during a divorce is more than unethical, it is illegal.
If you suspect your spouse is hiding assets, talk to an experienced divorce attorney. You need a professional to talk you through the process. Avoid the urge to snoop on your own, that can get you in legal trouble of your own. A divorce lawyer can tell you exactly what you should do and when.
Discovering Financial Information During a Pennsylvania Divorce
Discovery is when attorneys gather information. In preparing for divorce, Pennsylvania divorce attorneys must know what the assets of the couple are so they can prepare their case. Uncovering hidden assets is part of this discovery phase. It is a necessary part of the process in order to be sure that assets are being distributed equitably and fairly.
Once you connect with an experienced attorney, they will walk you through the discovery process. Often, this includes reviewing account statements, business documents, tax returns, credit reports, and loan agreements and balances. In some cases, subpoenas need to be served in order to obtain all of the documents that are necessary.
The court considers a lot of things when it comes to dividing assets and debts. These considerations include how long the individuals were in the marriage, what their ages and incomes are, if there are children, and the contributions of each individual in maintaining and acquiring the marital property.
For some couples, the best course of action is to work with their former spouse to discuss the division of assets. But if an individual suspects assets are being hidden, it is essential that you speak with an attorney. A lawyer with knowledge of New Jersey and Pennsylvania family law can help you navigate the process.
Talk to an Experienced Bucks County Divorce Attorney Today
If you are preparing to separate or divorce, contact the experienced Bucks County divorce lawyers at Kardos, Rickles & Hand. Going through a divorce is stressful and worrying about financial issues can be difficult, but the attorneys at Kardos, Rickles & Hand can help relieve some of your stress when going through a divorce in New Jersey or Pennsylvania.