Hidden Assets In Divorce
Regardless of the circumstances surrounding your divorce, there are legal matters between you and your spouse that must be resolved before a final divorce order can be issued. One of these involves the division of marital property. Getting what you are entitled to in your divorce settlement or order goes a long way towards protecting your financial security, ensuring you have what you need in the months and years to come. Unfortunately, motivated by either greed or spite, your spouse may attempt to hide assets. It is important to be aware of this issue in your divorce case, as well as the most common ways a spouse is likely to hide assets.
Is Your Spouse Hiding Assets In Your Divorce?
Divorce proceedings in Loudoun County are subject to rules and requirements under the Virginia Statutes. One of the most hotly contested issues that often arises concerns the division of marital property and assets. Anything earned, acquired, or otherwise accumulated by you or your spouse since the day you got married is subject to the rules of equitable division.
This means that rather than splitting everything 50/50, the judge will consider various factors in determining what is fair. This includes the length of your marriage, each party’s individual income, assets, and contributions to the marriage, as well as any type of marital misconduct that may have occurred. In an effort to deprive you of your rights and to retain possession of more than their fair share, your spouse may attempt to hide certain assets. This may include:
- Money in financial accounts:
- Interests in businesses they own;
- Profits from stocks or other investments;
- Property such as cars, real estate, jewelry, collectibles, family heirlooms, or other items.
Finding Hidden Assets
Making a complete and accurate inventory of money, property, and other assets you and your spouse own is a top priority to ensure you get what you are entitled to in any divorce settlements or orders issued in your divorce case. Forbes warns that there are four common ways your partner is likely to hide assets:
- Completely denying that an asset exists, such as keeping funds in separate, private accounts;
- Transferring the asset to a third party, which includes switching the names on titles temporarily as well as simply giving items away rather than seeing them in your possession;
- Claiming the asset was lost, or that certain property was stolen;
- Creating false debt, such as claiming business losses and bad investment to explain missing funds.
Watching for unexpected notices in the mail, reviewing current and past year tax returns, and conducting online property and title searches are all ways of uncovering hidden assets in divorce.
Contact Us Today for Help
If you suspect that your spouse is hiding assets in your divorce, reach out to the office of Schwartz Kalina, PLLC. We take the actions needed to uncover hidden assets so that you get the maximum amount you are entitled to in your divorce. Call or contact our Leesburg divorce attorneys online and request a consultation today.