Going through a divorce? Are all your assets on the table?

Your marriage is over, and you and your spouse have decided to go your separate ways. When starting the divorce process, you both will be asked to make of list of your shared assets for review and division. If something on that list looks amiss or you feel that your spouse is hiding assets from you, what can you do?

When one spouse has taken on the responsibility of managing marital finances, it may be pretty easy for that individual to hide things if divorce enters the picture. While hiding assets from your spouse is illegal in the state of New York, it does happen. Some get away with it, but for the most part, investigators usually find the property and the court includes it in the divorce agreement. If you believe your spouse is hiding assets, you can take steps to recover the property so that you receive your rightful share.

Ways to hide property or income

Sadly, there are quite a few ways in which one spouse may try to hide assets or income from the other. Some of the common ways include:

  • Selling property for cash
  • Paying phony debts to friends or family
  • Investing in no-interest bonds
  • Creating a custodial account
  • Making purchases for a significant other

Uncovering hidden assets

Uncovering hidden assets is not always an easy affair, especially if you do not know where to look. This is where your legal counsel and a forensic accountant can help. With assistance, it will be possible to carefully review your spouse's finances looking for any irregularities. This can be a tedious process, but it can prove to be well worth it in the long run.

I just want my divorce to be over, so should I care if all our assets are on the table?

It is really up to you. Divorce is difficult, so it is understandable that you would want to get it finalized as swiftly as possible. However, failing to ensure all assets are on the table for division could mean you get less that you deserve. This can have a strong impact on your post-divorce economic situation.

Achieve a fair settlement even if hidden assets are a concern

Whether you are going through the divorce process in New York or elsewhere, achieving a fair and balanced settlement is possible -- even if you think your spouse is not being forthcoming on all shared property. With assistance from your attorney and a little detective work, you may be able to uncover hidden assets and claim your fair share.

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