Uncovering Hidden Assets in a Divorce | What You Should Know

Financial Abuse means giving your money to someone else

The equitable distribution process is often complicated, and if you believe your spouse is hiding assets from you, either intentionally or unintentionally, it can complicate matters even further. Please continue reading and speak with our New Jersey divorce attorneys to learn more about uncovering hidden assets and how we can help. Here are some of the questions you may have:

How can I uncover hidden assets in a divorce?

If you suspect that your spouse is hiding certain assets from you, it is critical that you take action immediately. There are several red flags to keep an eye out for, and there are several ways in which spouses frequently attempt to hide assets from their spouses in the discovery process. In many cases, spouses will try to hide assets with a third party, such as a friend or family member. In other cases, they will overpay the IRS, which essentially drains assets from your marital account, though they can then use those assets to pay taxes the following year. Rather obviously, this is extremely sneaky. Additionally, in other cases, spouses will fail to collect invoices or bonuses to hide those assets from equitable distribution. By neglecting to collect these assets, they will not be registered as technically in their possession at the moment. The bottom line is that all of these methods are underhanded and unlawful, and there are far more ways in which a spouse can attempt to hide assets from a divorce as well. If you suspect that this is currently happening to you, you must bring it to your attorney’s attention immediately.

What happens if I catch my spouse hiding assets in our divorce?

As previously stated, it is both morally unsound and downright unlawful to hide assets from a spouse in a divorce. If your spouse is hiding assets, you can take action against him or her. By failing to take action, rather obviously, you will receive an unfavorable marital asset distribution agreement, which can significantly and negatively impact your financial situation. If we can prove that your spouse was hiding assets, there is a very good chance that a judge will either impose sanctions or fines on your spouse for acting in this manner and, from there, you will most likely receive a far more favorable outcome in the equitable distribution process as well. Furthermore, you should understand that documentation and testimony provided during discovery are under oath, which means that your spouse may even be charged with perjury, which is a federal crime.

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.

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