divorce process, both spouses are required to disclose all financial assets and
debts. Full and honest disclosure is essential to ensuring all marital
property is appropriately
divided, so if your spouse is hiding assets, this is a major problem that will
require the skilled guidance of a divorce attorney.
Discovering Hidden Assets During a Divorce
If your spouse is hiding assets, this is considered a serious violation
of fiduciary duties and it can have a profound impact on the outcome of
your case. Keep in mind that hiding assets can affect your ability to
achieve a fair divorce settlement in a number of different areas, including
child support, spousal maintenance, and property division.
Below are some common ways in which spouses hide assets:
- Giving away assets or cash to friends for safekeeping
- Concealing certain assets in a safety deposit box you are unaware of
- Selling assets far below their value
For those with businesses or more complex assets, it can be even easier
to conceal assets by falsifying transactions of classifying personal expenses
as business expenses.
Understanding the Consequences
The penalties for hiding marital assets can range, depending on the severity
of the case. Judges have a vast amount of discretion and can even award
the entire amount of a hidden asset to the other spouse to penalize the
dishonest spouse. That said, even in cases where judges do not take any
formal actions against a spouse who hides assets, that person’s
credibility will be completely compromised, indirectly impacting the outcome
of the divorce settlement.
Discuss the Details of Your Divorce Case with a Member of Our Legal Team!
If you are getting divorced and do not believe your spouse is being honest
about your marital assets, you need an experienced attorney to handle
your case and find any potentially hidden assets. At the Law Office of
Kathryn Marteeny, our family law team is committed to helping clients
create tailored solutions to meet their goals. You can rely on us to discover
any assets your spouse may be hiding, so you can achieve a fair divorce
Reach out to our legal team today at (713) 936-2300 to set up an initial case review with a knowledgeable
attorney to discuss the details of your case and learn more about what
we can do for you.