When you get married, you and your partner combine many aspects of your lives. This means that during a divorce you will have to split up these various aspects. You may have to figure out child custody, child support, and alimony among other things. Another important aspect of a divorce is the division of assets. This can be especially complicated when luxury assets are involved. Unfortunately, you cannot always trust your spouse to tell you the true value of an asset. He or she may undervalue it in order to keep it entirely or avoid splitting it fairly. Additionally, your spouse may attempt to hide important assets. Read on to learn more about valuating luxury assets and exposing hidden assets.
How Can Assets be Hidden?
There are a number of different ways assets can be hidden during a divorce. This can include:
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
How Can I Determine the Value of Luxury Assets?
In order to determine the value of luxury assets, it is best to retain the help of an expert. An outside source can tell you the value of an asset so that you do not have to rely on your spouse to be honest. Additionally, experts can work to uncover hidden assets during a divorce. Contact our firm to learn more.
Should I Sell my Luxury Assets?
In some cases, it can be easier for luxury items to be sold so the money can be split between spouses. This may be beneficial in the following situations:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
If you are getting divorced, our firm is here to support you. We will advocate for you and walk you through the process each step of the way. Reach out today to speak with an experienced attorney.
Contact our Firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.