During a divorce, it is unfortunate but not uncommon for one spouse to attempt to hide assets in an effort to retain a larger share of the marital estate. Failure to disclose these assets can result in an unfair division and hinder a spouse's ability to secure their rightful share. Below, we discuss what assets might be hidden and how, as well as how our attorneys can help clients who suspect assets have been hidden.
What Types of Assets Are Typically Hidden?
Here is a list of assets that are commonly hidden during a divorce:
Property. Individuals may attempt to conceal additional properties or real estate investments, either domestically or internationally, to avoid their inclusion in the marital estate.
Income sources. Some spouses may underreport their income or receive cash payments off the books to artificially lower their financial standing during the divorce proceedings.
Investments. Hidden investments such as stocks, bonds, mutual funds, or offshore accounts can significantly impact the valuation of the marital estate and affect the final settlement.
Offshore bank accounts. Offshore accounts provide an opportunity for individuals to hide assets and income, making it challenging to trace and include them in the division of property.
Pensions. Pensions and retirement accounts are often substantial assets that need to be considered during divorce proceedings. A spouse may neglect to disclose the existence or value of these accounts.
Valuable collections. Artwork, antiques, rare coins, fine jewelry, and other valuable collections may be undervalued or concealed to reduce their impact on the division of assets.
Digital assets. Cryptocurrency, online businesses, domain names, and other digital assets may be easily overlooked or intentionally concealed during divorce negotiations.
Cash. Physical cash can be hidden in safe deposit boxes, secret compartments, or entrusted to friends or family members to evade detection.
How Assets Are Hidden in Divorce
There are several ways assets can be hidden, including:
Transferring funds to offshore accounts
Undervaluing or misrepresenting assets
Colluding with business partners to understate income
Falsifying information about their debts
Gifting money or assets to others
Setting up trusts
Paying off false loans
Buying new possessions
Placing assets in a P.O. box
Consult with Our Firm
At Conner & Roberts, PLLC, our team of experienced family law attorneys is well-equipped to assist clients who suspect that their spouse has concealed assets during divorce proceedings. We understand the complexities and nuances of family law and the structures of legal proceedings, allowing us to effectively navigate these cases and advocate for our client’s best interests.
We Can Help You Work to Uncover Hidden Assets
Hidden assets are sometimes discoverable. During the discovery process, attorneys have the opportunity to gather relevant documents and information from various sources, including individuals and financial institutions, to uncover hidden assets. Discovery can involve a range of legal tools, such as:
Subpoenas, which can be issued to compel the production of documents from banks, employers, or other entities that may hold information about undisclosed assets.
Depositions, which allow attorneys to question individuals under oath, providing an opportunity to elicit information about hidden assets.
Interrogatories, which are written questions that parties must answer truthfully, aiding in the identification of undisclosed assets.
Our attorneys carefully analyze acquired documents, comparing them with the information provided by the opposing party. Discrepancies or inconsistencies between the disclosed assets and the documents obtained through discovery can raise red flags, suggesting the presence of hidden assets.
Our team can also retain and manage experts for our clients, such as forensic accountants. These professionals have the expertise to meticulously review financial records, identify discrepancies, trace funds, and analyze complex financial transactions. They can also work closely with other professionals, like private investigators, to gather additional evidence if necessary.
Once hidden assets are discovered, there are legal remedies available to ensure a fair division of assets. These may include:
seeking a court order for the disclosure and valuation of assets,
filing legal actions for fraud or misrepresentation, or
pursuing contempt charges against a non-compliant spouse.
Our attorneys have years of experience in handling divorce and property division cases and have a deep understanding of the legal strategies required to protect our client’s rights. If you suspect that your spouse has hidden assets during your divorce proceedings, don't navigate this challenging situation alone. Contact Conner & Roberts, PLLC today to schedule a consultation and let us advocate for your rights and help you secure a fair settlement.
Call (423) 299-4489 today!