There are several parts to a divorce. One of the most notable is the division of assets between both spouses. This is when their marital assets are divided based on the fair and just method of equitable distribution. When going through this process, spouses often fear losing certain assets. This can lead them to want to hide the assets from their partner in order to keep it. However, it is very irresponsible to do so and never a good idea. If you believe your spouse is hiding assets, continue reading to learn more and contact an experienced New Jersey divorce attorney for assistance with your case.
How Can Assets be Hidden?
It is an unfortunate reality that not all spouses are honest when it comes to divorce proceedings, especially the division of assets. It is because of this that it is best to not always take what your spouse says at face value. This is because there is a possibility that assets you are unaware of exist. The following are ways that a person can hide assets during a divorce:
- Overpaying on taxes so they can get the money bak in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
How Can I Discover Hidden Assets?
When one spouse hides assets in the divorce proceedings, it can be hard to have a full understanding of the marital assets that are present in the case. It is because of this that it is important to be aware of how you can work to uncover and locate these missing assets if you wish to do so. In many divorce cases, spouses may require the assistance of outside experts. In the event of missing assets, it may be beneficial to retain the services of a forensic accountant. This job of a forensic accountant is to find assets that may be missing in your case. This can be accomplished by monitoring a spouse’s finances to look for unusual transfers or sales. This allows them to track the places their money is going and discover what assets you may not have even known about.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.
