Hidden Assets in a High Net Worth Divorce
If you and your spouse have a substantial amount of assets, you will face some unique and challenging issues that will require the assistance of a skilled legal professional with experience in handling a divorce case like yours. In many cases, when a couple goes through a high net worth divorce, one will put more effort into securing a majority of them in a settlement. To accomplish this, one might resort to hiding assets, which is by no means legal and will result in serious repercussions.
How Can My Spouse Hide Assets?
A spouse can hide assets in several ways. For example, one might withdraw money from a joint bank account and deposit it into a new account the other spouse is unaware of and does not have access to. In cases where one spouse is more aware of household finances than the other, it is considerably easier for the knowledgeable spouse to hide assets and prevent a fair division of assets.
Another common tactic for hiding assets occurs when a spouse delays the payment of stock options, bonuses, or raises until after finalizing the divorce. Without an experienced attorney on your side, you could end up missing out on a large chunk of marital property.
Taking Action in a Hidden Asset Case
The most effective way to take action if you believe your spouse is hiding assets is to hire an attorney, particularly one with experience in handling such issues. Your attorney will likely enlist the services of a skilled forensic accountant who can comb through your finances and discover any discrepancies that may indicate your spouse is hiding assets. A forensic accountant will also track down these assets, which will play a pivotal role in your ability to secure your fair share of marital assets.
Below are some of the signs that may suggest your spouse is hiding assets:
- Inexplicable changes in behavior, including frequent work trips or a nervous or agitated attitude when discussing money
- Compared to other similarly affluent peers, your cash flow does not make sense
- Your spouse uses business finances in personal accounting, which is a very easy way to hide marital assets
Discuss Your High Asset Divorce Case with an Experienced Attorney
If you are going through a high asset divorce and suspect your spouse is hiding assets, you must contact the family law team at Dale L. Bernstein, Chartered Law Office for the exceptional legal guidance you need. Our attorney has more than 33 years of experience and a commitment to helping clients navigate one of life’s most challenging issues. You can rely on us to provide personalized solutions that meet your specific goals and needs.
Get started on protecting your assets and property today and contact our law office at (727) 312-1112 to set up an initial consultation with our trusted high net worth divorce attorney.