When a marriage starts to break down, it is not uncommon for one or both
partners to begin hiding money and assets to prevent the other spouse
from obtaining what is theirs. In equitable distribution states such as
New York, all property held by both spouses is divided according to what
a court determines to be fair.
Why Do Hidden Assets Matter?
Discovering hidden assets is important to ensure that each spouse is getting
their fair cut of the marital property. Furthermore, hiding asset is illegal
and can result in serious penalties and consequences.
A thorough asset investigation will look into:
- Income tax returns
- Lifestyle analysis
- Savings and checking accounts
- Loan applications
- Net worth statements
- Public records
Uncovering Hidden Assets
With recent technological advancements, it is extremely difficult to hide
money without a trail being left behind. This electronic trail is one
of the most powerful tools to use when to tracking down hidden assets.
Common ways that a spouse may try to hide money include:
- Not admitting to a pension or retirement account
- Selling homes or other real estate investments
- Secretive business ventures
- Transferring money into an offshore bank account
- Putting money in the name of a family member or friend
Recent reports indicate that two out of every three marriages have some
type of hidden funds kept by one spouse. Many individuals have been caught
of this illegal type of action through checking computer website history,
social media accounts, or smartphone usage.
Working with an attorney during a divorce can help uncover funds that a
spouse may be hiding. If they are found to be hiding assets, it may be
wise to depose the spouse so they have to answer questions about their
finances under oath.
The Long Island divorce attorneys at the Meyers Law Group can help! Give
us a call today to discuss your divorce case and how we can help to get
you the money you deserve.