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The steps to take if you discover hidden assets during a divorce

On Behalf of | Apr 18, 2024 | Divorce |

Finding out your spouse is hiding assets during a divorce can be a shocking and challenging discovery. It could mean getting less than you’re entitled to in the divorce settlement, which can have far-reaching effects on your financial future.

Taking the proper steps is crucial in such instances. It can help ensure these assets are properly addressed during the property division process. Here is what you need to do.

Gather relevant information

The first thing you need is proof of the hidden assets. Collect as much evidence as you can about these assets. It could be unexplained withdrawals, suspicious transfers or even offshore bank accounts. Keep detailed records of all financial transactions, including bank statements, tax returns and any other financial documents. 

If necessary, consider hiring a forensic accountant. Assets can sometimes be hidden behind complex financial transactions and processes that might not be noticeable at first glance.

Explore your options

Depending on the circumstances, you may be able to resolve the issue of hidden assets through mediation or negotiation with your spouse. However, be cautious and ensure that any settlement is fair and equitable.

Alternatively, you can seek legal intervention. Hiding assets during a divorce is unlawful, and courts take such matters seriously. A judge may impose sanctions on your spouse, adjust the property division or revise spousal and child support payments.

Reaching out for urgent legal guidance if you suspect or have proof of hidden assets can make all the difference in getting a fair divorce settlement. The law may be on your side, but time is not. Delayed action may prove ineffective, and you could end up with less than you deserve.