The division of assets is a high-stakes process in a divorce. The division of assets is where marital assets are divided based on the fair and just method of equitable distribution in an attempt to distribute assets evenly. Spouses often fear losing certain assets in this process which may lead them to attempt to hide these assets from their partners.
This is very irresponsible and can cause major complications in your divorce proceedings. If you believe that your spouse has hidden assets from you, continue reading and reach out to our experienced family law attorney to learn the next steps you should take. It is important that you retain the services of an understanding and skilled attorney who will assist your case. Give us a call today to learn more about how we can assist you.
How can assets be hidden?
Divorce proceedings can, unfortunately, become messy and some spouses might be dishonest. This is especially common when it comes to the division of assets. The most common ways a person can hide assets during a divorce are as follows:
- Delaying the receipt of a large commission from work
- Overpaying on taxes in an attempt to get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Transferring assets to a friend or a separate bank account
How can I recover hidden assets?
It can be difficult to gain a full understanding of the marital assets that are present in the case, especially when one spouse hides assets in the divorce proceedings. However, there are ways to work to uncover and locate missing assets. Spouses may require the assistance of outside experts to assist with this process.
It can be beneficial to retain the services of a forensic accountant who will work to uncover missing assets in your case by monitoring your spouse’s finances. When monitoring your spouse’s finances, they will search for unusual transfers or sales and track the locations their money is going. They will assist you in discovering the assets you may not be aware of in a divorce.
It is also important that you retain the services of an experienced attorney in your corner throughout this process to ensure your best interests are met during the division of assets. Give our firm a call today to learn more about our services and how we can assist you when you believe your spouse is hiding assets in your divorce.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.