When filing for divorce, one of the most contentious aspects for most couples is the division of their assets. Often, spouses may fail to agree on how to distribute the assets amongst themselves, often leading to court intervention. However, in some cases, one spouse may hide assets in order to receive a better outcome. As such, understanding the signs of asset concealment and the legal steps you must take to protect yourself is critical. The following blog explores what you should know about these matters, including the importance of working with Somerset County property distribution attorneys to assist you during these complicated issues.
What Are the Signs My Spouse Is Hiding Assets?
First and foremost, it’s important to understand the common ways in which your spouse may hide assets from you during the divorce process. Often, one of the most common methods used is to transfer assets to friends and family for the duration of the divorce before having them returned once the divorce is finalized. In other instances, a party may alter documents to reduce their income so they will not have to pay as much for alimony or child support.
Common signs that your spouse may be hiding assets include, but are not limited to, the following:
- Refusing to submit financial records
- Withdrawing large portions of money from joint accounts
- Giving expensive gifts to friends and family
- Asking you to sign documents without giving you the opportunity to review the terms and conditions
- Changing the passwords on your financial accounts
- Having financial information mailed to a different address so you won’t see it
- Spending outside of their financial means
What Steps Should I Take to Ensure Our Divorce Is Fair?
If you have reason to believe that your spouse is concealing assets to receive a more favorable outcome during your divorce, it’s imperative to take the steps to protect yourself and your best interests in these matters. As such, the first thing you should do is immediately contact your attorney.
During the discovery process, your attorney can help you obtain access to important financial documents from your spouse. This can help you uncover inconsistencies that show that your spouse has been concealing assets. In some instances, a forensic accountant may be necessary to help find errors and signs of fraud.
If your spouse is discovered to be concealing assets, they can face serious consequences as a result. This includes holding them liable for all court fees, holding them in contempt of court, being charged with perjury, and even awarding you the assets they concealed.
As you can see, these matters can be incredibly difficult to navigate. That is why it is critical to connect with an experienced attorney with the Siragusa Law Firm to help you during these complex legal and financial issues. Our firm understands how important a fair outcome is for you, which is why we will do everything in our power to help you receive the best possible outcome for your circumstances. Contact us today to learn more.