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Do you suspect your spouse is trying to hide assets?

On Behalf of | Jun 24, 2022 | Divorce

During a divorce, it is critical to secure a final property division order that allows you to have stability and security long-term. A fair and reasonable agreement is contingent on a full and honest financial disclosure, an important step in your divorce process. This is difficult, if not impossible, to do if your spouse is attempting to hide assets in order to prevent you from securing your rightful share of all marital property. Your future is at stake, and you have the right to fight back.

It is not always easy to prove that your spouse is hiding assets. It often requires a careful assessment of all your financial records and an in-depth investigation to prove that your New Jersey spouse is intentionally attempting to hide property to which you have a rightful claim. If you have suspicions, you will benefit from taking immediate action to protect your long-term financial interests.

How can you know if there is a problem?

You may think there is a problem with the financial disclosure, but proving it can be quite complicated. There are some red-flag behaviors that could be a clear indication that you should take a closer look at your finances and those of your soon-to-be ex-spouse. Some troubling signs may include the disappearance of property. Your spouse may tell you that he or she sold the property or lost it as an explanation for its exclusion from the disclosure. You may also notice an increase in what could be false debt.

Hiding assets is a way to prevent a spouse from claiming a fair portion of marital property. One important step in determining that this is happening is carefully examining tax returns. Tax documents, including the income listed and deductions claims, could help you understand if the other party is being forthright about his or her financial situation.

What happens if there are hidden assets?

If there are hidden assets, it is still possible for you to seek a fair final order. You may ask the court to compel the other party to disclose all assets, or an investigation may be necessary. It is in your interests to avoid signing any documents or agreeing to any terms before you are sure that it honestly represents a fair division of all marital property. If you are unsure of where to take your suspicions, you may start with an assessment of your case.