No matter how much you trust your spouse, it is important to know that not everyone will be honest when it comes to divorce proceedings, especially when it comes to the division of assets. It is because of this that it is best to not always take what your spouse says at face value- There is a possibility of hidden assets. Read on to learn more about uncovering hidden assets during a New Jersey divorce.
How are Assets Divided in New Jersey?
The state of New Jersey is an “equitable distribution” state. This means that a judge determines how to divide assets in a way that is fair and just for the couple’s situation. This does not necessarily mean that assets will be split 50/50. In order to divide assets, the judge considers several different factors regarding the relationship in order to make a decision. This may include:
- The age and health of each spouse
- The duration of the marriage
- Economic circumstances
- Each spouse’s contribution to marital property
- Any tax consequence that may apply
How Can Assets be Hidden?
It may come as a surprise, but there are a number of ways to hide assets during a divorce. The most common ways to hide assets, or alter the true value of assets, include:
- 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?
In order to divide assets, you must first know their true values. 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. The 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.
If you believe your spouse may be hiding assets during your divorce, reach out to our firm. We are here to help.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.
