One of the most notable parts of a divorce is the division of assets. This divides the spouses assets between them using the process of equitable distribution. This means the assets are distributed based on what is fair and just, not necessarily what is equal. This can cause spouses to lose certain assets. Out of fear, this can sometimes lead a spouse to hide assets so they can keep them. However, it is extremely irresponsible to do so. If you believe your spouse is hiding assets, continue reading to learn more and contact an experienced Massachusetts divorce attorney for assistance with your case.
How Can Assets be Hidden?
Unfortunately, not all spouses are honest when it comes to divorce proceedings. This is especially when it comes to the division of assets. It is best to not always take what your spouse says at face value, as there is a possibility there are assets you are unaware of. The following are ways that a person can hide assets during a divorce:
- Overpaying on taxes so they can get the money bak 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 Discover Hidden Assets?
When a spouse hides assets in a divorce, it can be difficult to fully understand what marital assets you have in your case. It is because of this that it is important to be aware of how you can uncover and find these assets that are missing if you wish to do so. In many divorces, spouses may sometimes retain the services of outside experts to assist them with certain aspects of their case. In the event of missing assets, it may be helpful to use a forensic accountant. The job of a forensic accountant is to find the assets that may be missing. This can be done by looking into a spouse’s finances to find any unusual transfers or sales. This allows them to know where their money is going and find any assets you may not have even known about.
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.