Uncovering Hidden Assets in New Jersey | What to Know
The division of assets is one of the most contested issues in a divorce. In some cases, it can be because a spouse has hidden assets. If you believe you are facing this situation, do not wait to reach out to our Morris County NJ division of assets attorneys to discuss your legal options.
What are hidden assets in New Jersey?
Even though it is unknown to many, there are several ways individuals can hide assets during a divorce. The most typical ways to hide assets, or alter the true value of assets, include:
- Asking an employer to delay promotion or raise until after the divorce
- Overpaying on taxes so they can get the money back in a refund the following year
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
What is equitable distribution?
New Jersey is an “equitable distribution” state. Essentially, this means that a judge decides how to split assets in a way that is fair and just for the couple’s circumstances. It is important to recognize that the assets do not need to be split 50/50. To be able to order to divide assets, the judge contemplates a number of different factors concerning the relationship in order to make a decision. This can include the following:
- The duration of the marriage
- Economic circumstances
- The age and health of each spouse
- Each spouse’s contribution to marital property
- Any tax consequence that may apply
How can I uncover hidden assets?
You must know the true value of the assets before they are divided. That is why it is important to be mindful of how you can work to uncover and locate these missing assets if you would like to do so. In many divorce cases, spouses may need the help of outside professionals. If there are missing assets, it may be helpful to obtain the services of a forensic accountant. The job of a forensic accountant is to locate assets that may be missing in your case. This can be achieved by monitoring a spouse’s finances to look for unusual transfers or sales. This permits them to track the places their money is going and discover what assets you may not have been aware of.
If you believe your spouse may be hiding assets during your divorce, it is in your best interest to reach out to our firm today to discuss your options.
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At Townsend, Tomaio & Newmark, LLC, our seasoned divorce and family law attorneys ensure that through the process of resolving your family matter, you feel empowered, not overwhelmed. Providing unwavering support, undivided attention, and unflinching advocacy, our team invests in your cause, working tirelessly to pave your path toward a brighter tomorrow. If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.