- Hiding assets can have big consequences – Hiding, concealing, or relocating assets in a divorce can have significant consequences. That’s due to the fact that doing so can hurt one’s credibility in the eyes of the court, creating increased scrutiny over property and conduct that can potentially impact final determinations reached in the case, including property division and spousal maintenance. Depending on the circumstances, it may also result in further repercussions, including potential penalties for civil or criminal violations like contempt, perjury, or financial crimes. Hiding assets is never a good decision, and steps should be taken to avoid any mistakes or potential allegations of such.
- How assets are commonly concealed – Cases involving hidden assets can involve many different factors, both intentional and otherwise. Often, they involve one party who willfully conceals assets by temporarily giving property subject to division to another while a divorce is pending. They may also involve the use of offshore accounts, financial concealment schemes, fraudulent disclosures, and other complex transactions designed to conceal an accurate picture of property.
- Some circumstances can increase risks – Anyone has the ability to hide assets, but there may be greater risks of hidden assets in cases involving certain factors. This includes cases involving the ownership of a business, high net worth, complex financial assets, and varied investments. It is also common in cases where one or both spouses is self-employed, as the nature of their working arrangement can make it easier to falsely report or misrepresent income.
- Your rights and options – If you are a spouse who suspects a soon-to-be-former spouse is concealing assets, you have rights and options. This includes working with experienced legal representation who can help you take advantage of legal procedures for discovery and obtaining testimony under oath, as well as the use of forensic tracing or collaboration with financial experts during or after a divorce has been finalized to prove your claims and protect your right to your fair share. For those who are accused of hidden assets, legal representation is also essential to defending against allegations.
Avoid the drama.
Prevent the trauma.
Divorce is not an easy process for anyone involved, especially children. Life will never be the same for your children, no matter how hard you try. Even when you do your best to keep things as “normal” as possible, your little ones are almost always the silent victims of your divorce. So, when divorce is inevitable, how do you put your children’s best interests first?