Divorce, an inherently emotionally taxing and financially intricate process, becomes significantly more challenging when one spouse conceals assets. This act, often stemming from distress, a desire for financial control, or an attempt to sway the divorce settlement, is a more prevalent issue than many realize. Please continue reading to learn how a dedicated Garden City Divorce Lawyer can help you identify red flags that may indicate your spouse is hiding assets.
What Are the Red Flags of Hidden Assets in Divorce?
If you are facing a divorce, it’s crucial to recognize the prevalent tactics spouses often employ to conceal assets. A common strategy involves temporarily transferring assets to trusted friends or relatives, with the intention of reclaiming them once the divorce has concluded. Another method frequently observed is the deliberate manipulation of financial records to show reduced income, thereby minimizing obligations for alimony or child support payments. Common red flags for hidden finances include:
- Obstruction of financial disclosure.
- Unusual account activity
- Excessive gifting
- Change to account access
- Diversion of financial correspondence
- Pressure to sign documents without providing you with the opportunity to review the terms
- Discrepancy in spending habits
- New or unexplained accounts
- Cryptocurrencies, digital assets, or online investment platforms
- Underreporting income
- Creating fictitious debts
- Unusual business transactions
If you suspect your spouse is attempting to hide assets, it’s in your best interest to enlist the help of an experienced attorney. An attorney can collaborate with financial investigators to subpoena records, ensuring you receive a fair property division, accurate child support and spousal support calculations, and safeguarding your future financial security.
What Are the Potential Consequences?
In New York, judges take asset concealment seriously during divorce proceedings. If your spouse is hiding assets, they could face various consequences. The monetary consequences of financial dishonesty during divorce can include having to pay your legal fees, fines, sanctions for contempt of court, potential perjury or fraud charges, and even being awarded a larger share of the assets.
If assets come to light after the finalization of your divorce, you retain the right to petition the court for a reopening of the case. This allows for a potential modification of the divorce decree to incorporate these previously hidden assets.
What Steps Should I Take to Ensure Our Divorce Is Fair?
If you suspect your spouse is concealing assets to gain an advantage in your divorce, it’s crucial to act swiftly to safeguard your interests. Your immediate priority should be to contact your attorney. During the discovery phase, your legal counsel can assist you in securing vital financial records from your spouse. This access will enable you to identify any discrepancies that indicate hidden assets. In certain situations, retaining a forensic accountant may be essential to uncover errors and evidence of fraudulent activity.
The attorneys at the Law Offices of Eyal Talassazan, P.C., understand the importance of a fair divorce outcome. Our attorneys are committed to helping you achieve the best possible results given the unique circumstances of your case. Connect with our firm today for a consultation to discuss your needs.
