Usually, money matters take center stage in a divorce. Issues to do with child support, alimony, and property division are among the most contentious, which is why some people may be tempted to hide assets. This is especially true for high net worth divorces where the stakes are higher.
If your ex-spouse decides to hide assets that are meant to be divided, it means that you will not get what you deserved out of the divorce. Therefore, you need to be on the lookout and protect your interests when divvying up assets.
Tracking hidden assets
There are various ways you may be short-changed. One, your ex could fail to disclose the existence of the property or assets. They could also undervalue them or create trusts and put assets there. In some cases, you may need to use legal means to get the information you need from banks or other institutions.
Suspicious property transfers or unusual business and personal expenses may point towards something amiss. Therefore, it is important to follow the paper trail, even stretching several months before the actual divorce. When it comes to proving your claims, you need to have evidence of these hidden assets – financial records, witness testimony, bank statements, among others.
What happens to hidden assets?
The courts frown upon such behavior, and your ex-spouse could lose all or part of the property besides having to pay the legal fees involved. Additionally, if they lied under oath, they may be charged with perjury.
Divorce can be a difficult period, and you may have second thoughts about taking action after discovering hidden assets. However, it is necessary to protect your interests by ensuring you get what you are entitled to from the marriage.