When a marriage ends, the division of assets can be a complex and contentious issue. But what if your spouse is not playing fair? Hiding assets during a divorce is a major issue for many couples and can greatly impact the result of the case.
The law requires both spouses to fully disclose their assets
Here are some indications that your spouse could be concealing assets:
- Unexplained withdrawals: Large sums disappearing from joint accounts.
- Sudden debts: New credit card debts or loans that seem unusual.
- Missing documents: Important financial documents are hard to find.
- Undervalued assets: Assets like property or businesses listed at lower values.
- Transferring assets: Moving money to friends or relatives temporarily.
- New investments: Unexplained investments or purchases, such as art or collectibles.
Florida courts rely on full transparency. The law requires each spouse to complete a financial affidavit, which lists all assets and liabilities.
Hiring a forensic accountant can help trace hidden assets. They analyze financial records to find inconsistencies. This expert can be a valuable ally during divorce proceedings.
The law punishes individuals who attempt to hide assets during divorce proceedings. The consequences can include fines, a less favorable property division and even criminal charges in severe cases.
Protecting your interests in divorce proceedings
It is crucial to act quickly if you suspect your spouse is concealing assets. An experienced attorney understands the nuances of asset division. They can guide you in gathering evidence and presenting your case. Lawyers know the tactics often used to hide assets and can help you counter them.