Is Your Spouse Hiding Assets?

Dividing marital assets often ends up being one of the more complicated aspects of divorce, even when a couple has a relatively cooperative and amicable relationship. Things can become even more problematic, however, when one or both spouses attempt to conceal assets from the other. This type of activity is unlawful in Florida and can result in a prolonged legal battle, a more expensive divorce, court sanctions, and an unfair settlement. Read on to learn more about some of the most common ways that unscrupulous spouses attempt to hide assets during divorce.

A Duty to Disclose Finances 

During divorce, both spouses have a legal responsibility to disclose all of their assets and liabilities to each other and to submit a variety of supporting documentation, such as:

• Bank account statements;
• Paychecks;
• Tax returns;
• Property deeds;
• Retirement account statements;
• Life insurance policies;
• Records of stocks and bonds;
• Lease agreements; and
• Loan records.

By supplying these records, couples can help give courts a better idea of the assets and debts that will need to be divided in a settlement agreement. Unfortunately, not all spouses disclose the full details of their finances in an effort to reduce how much they must split upon divorce. In fact, more than just failing to disclose assets, some spouses go to great lengths to actually hide assets from a spouse and the court.

Tactics for Hiding Assets During divorce 

There are a lot of different ways that spouses go about trying to hide their assets. Some of the most common include:

• Denying the existence of an asset outright;
• Transferring an asset to a third party while the divorce is pending;
• Moving assets to a secret account;
• Selling an asset without notifying the other spouse;
• Creating and paying off a false debt;
• Creating false business expenses; and
• Failing to report income.

Fortunately, many of these kinds of financial maneuverings leave a paper trail that an experienced legal team and forensic accountant can discover. When a legal team can spot some of these red flags, they can bring them to the attention of the court, who has the power to sanction the wrongdoer with fines and even to award a heftier portion of the asset to the wronged spouse.

Work with an Experienced Largo Divorce Lawyer at Cairns Law Today 

If you and your partner have decided to divorce and you believe that your spouse may be attempting to hide assets from you and the court, feel free to reach out to our legal team for help holding that party accountable. We can determine whether funds have been moved, hidden, or wasted and can even take steps to recover them. Call the experienced Largo divorce lawyers at Cairns Law to get started on your case today. You can set up a consultation with our legal team by calling our office at 727-683-1472 or by completing one of our online contact forms. We are happy to meet with you not only on weekdays, but in the evenings and on weekends.

Sources: 

flcourts.gov/content/download/685889/file_pdf/932%2010-21.pdf

forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/