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Hidden assets can affect a divorce settlement

| May 26, 2020 | Divorce |

Most Rockville area residents believe their marriage will stand the test of time when they are newlyweds. Although many marriages do last forever, a significant portion also end in divorce. For couples of a higher net worth, divorce can be a complicated matter. One thorny issue that can emerge is whether there are hidden assets.

Divorce is a complicated process for couples. There are so many different matters that need to be straightened out before a divorce is finalized. Most of the contentious issues involve financial matters, including asset division. In the midst of the property division stage there can be red flags that pop up indicating that one spouse is hiding assets.

Hiding assets is not as uncommon as one would think. Although marriage is supposed to be built upon a culture of teamwork and sharing, one spouse may be funneling marital property into different accounts. There are many ways in which a spouse can hide assets. They can temporarily transfer the asset to someone else, they can pretend they lost the asset, they can make up fake debt, or they can pretend that the asset didn’t exist in the first place. Tax documents can be a good place to start in order to spot any problems. There are many forms that can uncover hidden assets, including property, investment and bank accounts that one spouse may not know exists.

A divorce can bring out the worst in a person. A spouse, who at one time seemed reasonable, may be working hard to quickly hide assets. Taking an inventory of all financial assets is important in order to make sure a divorce settlement is fair. A legal professional who specializes in high asset divorce can help their client through their complicated divorce situation and come out on the other side ready to start their new life.