Are all your assets accounted for?

On behalf of South Tampa Law Group posted in blog on Friday, September 29, 2017.

Your marriage has been on the rocks for a while, but you just didn’t want to go through the pain of divorce. You’ve waited so long that now things are particularly bad between you and your spouse. You are fighting about everything, and you are just ready to call it quits. Before starting the divorce process, make sure all your assets are accounted for.

Some Florida couples go through some highly contentious divorces. It is kind of the nature of the beast. In the midst of such cases, some may find that their soon-to-be exes are doing everything in their power to make sure they walk away with the better settlement. To do this, they may try to hide assets. If this happens, what can you do?

Hiding assets

Believe it or not, there are a lot of ways to hide assets if you really wanted to. Some of them include:

  • Selling physical property for cash
  • Paying “debts” to friends or family
  • Creating a custodial account
  • Purchasing items for a new significant other
  • Delaying bonuses
  • Paying a nonexistent employee

The list really goes on and on. While there are a lot of ways to hide assets, it is illegal, and doing so will only get one in a lot of trouble if he or she is caught.

Where to look

You may not be sure if your spouse is hiding assets from you, but the asset declaration does not seem quite right — where do you look? Knowing where to look for hidden assets can be difficult. As it was previously stated, there are a lot of ways to hide assets from divorce proceedings. This is where seeking assistance can prove extremely valuable. A forensic accountant and your legal counsel will have ideas about where to look and can start the tedious process of investigating your spouse’s finances.

Looking is worth it

All you want is your fair share of the marital assets. That is understandable; most people feel that way. If you choose not to look for hidden assets, you choose to walk away with less than you deserve. So, while it may take time to uncover hidden assets, looking is worth it as it means you have a better chance at getting the fair settlement you desire.