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Divorce: What to know if your spouse is hiding assets

On Behalf of | Jan 19, 2022 | Divorce

Married couples with extensive wealth from investments and high asset careers face unique challenges when getting a divorce.

While the law requires that each spouse disclose all income and holdings, people do not always comply. It is vital to know the total of your marital assets to secure an equitable property division in your divorce.

The problem of hidden assets

If your partner attempts to hide financial information from you during your divorce, it can unfairly affect the outcome of your settlement. Failing to disclose investments, property or accounts, benefits your spouse as the assets do not factor into your property division agreement.

The methods used to deceive the courts

Partners may hide money, business interests and investments in many different ways, including:

  • Paying previously unknown debts to family members or friends
  • Opening separate bank accounts
  • Setting up a post office box
  • Creating false financial documents
  • Purchasing expensive items like cars, jewelry or boats
  • Utilizing secret offshore accounts to hide money
  • Funding new business entities with personal assets

The process of uncovering concealed holdings

Finding hidden assets requires experience and knowledge. You must analyze and investigate any potential source of financial data:

  • Bank account and credit card statements
  • Income tax returns
  • Safe deposit boxes
  • Business records
  • Loan or mortgage applications
  • Public records

The laws regarding property division

Concealing financial holdings is illegal. In a Connecticut divorce, automatic orders at the time of filing prevent both parties from hiding, transferring or selling any marital assets. Each partner must then provide the court with a comprehensive list of property, debts and income.

Accurate asset valuation is necessary to ensure you get an equitable division of property in your divorce. With experience and knowledge, you can uncover hidden money to get the fair settlement you deserve.