Uncovering the Truth in Divorce
Divorcing couples face a host of issues regarding child custody, child support, alimony and quite often, equitable distribution. Equitable distribution addresses the division of marital property and can turn ugly when a spouse is caught hiding assets. Marital property simply means property that was acquired during the marriage, but when a marriage turns into a divorce, spouses can face conflicts when uncovering each other’s assets.
Understandably, it’s hard to divide assets between divorcing spouses, especially ones who are going through a contested divorce. Both parties want their “fair share” of the pie, but many times, it’s hard to get a fair share when both parties don’t disclose all of their assets.
Our Dutchess County divorce attorneys have represented clients whose soon-to-be ex-spouses hide assets during divorce. It’s far more common than you might think, especially when one spouse made a higher income than the other. Hiding assets can delay the divorce process and grow tensions between spouses who are already dealing with an intense family law matter.
As such, our lawyers at the Law Office of Dennis R. Vetrano, Jr., LLC are here to offer tips on where to find your spouse’s hidden assets during a divorce to best alleviate the extra headaches that may result from working to uncover them.
We advise you to examine the following places that your spouse may be hiding assets:
- Antiques, artwork, collectibles or jewelry
- Bank accounts
- Custodial accounts set up in the names of your children
- Fake payments to family, friends or new partners
- Changes in account information
- Unusual transactions such as withdrawals and deposits
- Credit reports
- Offshore accounts
- Private P.O. box
- Tax returns
- Overpaid taxes to get a higher return after divorce
- Unreported income
- Salary raises
- Business affairs and transactions
- Delayed bonuses, stock options, or raises
- Delay in signing long-term business contracts
- Paying a nonexistent employee and later voiding the checks
- Increased spending while profits are dropping
Our Team Can Help Uncover Hidden Assets
One of the biggest challenges many divorcing couples face is getting the truth. A lack of trust is one of the leading causes of divorce, therefore it comes as no surprise that divorcing couples have trouble their dividing assets. Since many spouses hide their assets during divorces, our Dutchess County divorce lawyer obtains extensive experience uncovering them. We can even connect our clients to expert asset search investigators to ensure that nothing is unaccounted for.