Finding Hidden Assets During a Divorce
A divorce can be immensely stressful for yourself and for your family. Infidelity, finances, communication, and trust can all have negative impacts on your marriage. Since assets must be equally split during a divorce, the whereabouts of assets and finances can certainly come into question. Although it is highly unethical and illegal, hiding assets from a spouse happens frequently and is quite difficult in monitoring and preventing.
If you are going through a divorce, you must consider your options to help protect yourself and the future of your family. Because divorces are normally complicated and finances can be complex, hiring a divorce lawyer is particularly important, especially if you suspect your spouse of keeping assets from you. If that is the case, then that could affect your settlement, alimony payments, and custody arrangements. It will be difficult to uncover the truth, so it is imperative you hire an experienced divorce lawyer to perform a lifestyle analysis to help reveal all finances, bank accounts, and assets your spouse has.
The following are other tips to help uncover hidden assets your spouse may have:
- Cash and Safety Deposit Boxes: A divorce lawyer will ask about your spouse’s recent activities and purchases. Record and track if you notice more purchases but less items on credit card statements, or if there are more cash withdrawals than normal. It is possible that there is cash hidden in the house or in a safety deposit box.
- The IRS and Income: Your spouse may also underreport their income, which is easier to do if they are self-employed or have their own business. You can also hide assets by trying to fool the IRS; your spouse may underreport their income so it cannot be found in a divorce or overreport their income in hopes of collecting it in a refund after the divorce. Be aware of this suspicious activity.
- Help from Family and Friends: Your spouse could also utilize their friends and family to create a fake debt to hurt your settlement in the divorce. They can also transfer stock with the help of a family member and create credit cards with other’s names, even use your children’s social security numbers.
- Property and Possessions: It is important to keep track of your spouse’s possessions, especially high value items or items you suspect to be of high value. Knowing the value of their newly purchased car or antique desk will be needed during divorce proceedings and will help your case if you suddenly find those items missing.
If the court finds your spouse hid assets from you, you may be awarded a larger portion of assets during the settlement. Your spouse may also be penalized, and even have criminal charges brought against them. Do not assume that your spouse is honest with their finances and assets during your divorce; they are going through an emotional situation as well and may want to protect themselves, albeit illegally. A divorce lawyer can help you uncover the truth and help you through this difficult time.
South Jersey Divorce Lawyers at the Burnham Law Group, LLC Help Clients Uncover Hidden Assets
If you are seeking a divorce, the South Jersey divorce lawyers at the Burnham Law Group, LLC can help. Call us today at 856-751-5505 or fill out our online form for a free consultation. Located in Marlton and Somers Point, New Jersey, we serve clients throughout South Jersey, including Camden County, Burlington County, and Atlantic County.