Property division is arguably the most stressful aspect in a divorce proceeding. During property division, the two divorcing parties must agree on the best way to share out marital property, debts and funds. Often, spouses experience suspicion and distrust during this process, given that one of the spouses may sometimes attempt to conceal the identity of assets from the other spouse. If you are going through divorce and feel that the other spouse is hiding assets from you, get in touch with a family law solicitor. Read on for further insight.
What are hidden assets?
Hidden assets are items with significant monetary value that may be hidden in secret locations or transferred to another individual in the meantime to avoid detection, with the aim of transferring it back after the divorce process is concluded. From bank accounts to deposit boxes, savings bonds, stocks, expensive collectibles, real estate and more, almost anything valuable can become a secret asset during the divorce proceeding. If one spouse is a business owner, he or she may attempt to keep the business funds from the other spouse by giving payments to ghost employees, family members and friends, as well as other roundabout methods. Obviously, the other spouse may feel frustrated for being unfairly left out from the assets they merit and even toiled for.
Family law solicitor
If you suspect that your spouse is hiding some assets from you during your divorce settlement, a family law solicitor can come in handy. This lawyer knows of private investigators as well as forensic accountants who can secretly scrutinize the spending habits and funds of your spouse to reveal any foul play. The quest normally starts by scrutinizing key documents and financial accounts to trace a series of questionable activities or dealings. Documents like personal income tax returns, investment schedules, and financial statements provided to banking institutions as well as employment contracts may all be keenly scrutinized.
Family law solicitors, in coordination with private investigators, use lifestyle analysis as a key tool in uncovering hidden assets. Based on this analysis, the reported income of the other spouse will be contrasted to his or her recorded expenses and general lifestyle. For instance, if a spouse who owns a business reports earning $50,000 as business income, but frequently makes costly purchases, drives luxurious cars, and goes on lavish vacations, their earnings are obviously not sufficient to support such lifestyle. With this type of analysis, solicitors can prove to the court that the other party is hiding assets and funds. This will help make sure that you have an impartial property settlement come the conclusion of your divorce.Share