Despite what some TV shows and movies would have you believe, most dissolution of marriage proceedings are straight-forward and respectful. There are times, however, when one spouse will attempt to shield assets (both physical and monetary) from public view. This creates negative and uncomfortable scenarios for everyone involved, including children.
Thankfully, there are ways to uncover these hidden assets, often before your divorce becomes final. This way, you can be sure that all parties have the same opportunities to move forward to a new life chapter.
Know the Most Common Hidden Assets
One spouse may open a ‘secret’ bank account to hide money from the other. This could be done over an extensive period of time – making small deposits and transfers so as to avoid suspicion.
Another common tactic is to delay impending work promotions or pay raises until after a divorce is finalized. The idea is to lessen the financial impact of divorce. Small business owners sometimes delay payment of large invoices so they won’t have to claim those funds.
Rather than place yourself in an awkward or unsafe position while trying to uncover hidden assets, it’s best to contact Daytona Beach divorce attorneys well-versed in various family law matters.
Recognize the Signs of Hiding Assets
As with other behavioral changes, the practice of hiding assets can be detected through simple observation. For instance, if your spouse seems suddenly secretive about finances or overly-protective, this could be a sign of trying to withhold information.
In addition, you may notice large gifts to friends and family that are uncharacteristic of your spouse. Your spouse even may demand your signature on financial documents and attempt to rush you through the process.
Any perceived red flag must be immediately addressed. When you’re concerned that your spouse is hiding assets, or something just doesn’t feel right, it’s wise to contact Volusia County divorce lawyers who can help you get to the bottom of what might be happening. Mandatory Financial Disclosure will be required in every Florida dissolution of marriage; additionally the attorney can request additional documents to be produced to confirm or deny the situation.
Understand the Dangers of Purposely Hiding Assets
Divorce can be a confusing and stressful time. It’s important, however, to avoid letting emotion take over, or to make rash decisions based on fear or revenge. If you’re found to be hiding assets from a spouse, you could face serious legal complication. Before making any snap decisions, it’s best to consult with a lawyer in Daytona Beach who can advise you of the best next steps to satisfy your divorce.
In some cases, a judge will simply order you to reveal such assets so they can be divided with your spouse. Still, you might be forced to surrender the total value of any assets you’ve hidden. This decision could also have negative consequences on your continued employment, status in the community, and future relationships with loved ones.
Secure Valuable Divorce Assistance
The potential for hidden assets is just one of the many situations you may find yourself in as part of your divorce. It’s comforting to know, then, that there are dedicated and skilled professionals available to help you navigate this often-confusing time. Trusted and reputable Volusia County lawyers are on hand to assist you in reaching a fair and equitable divorce.
Since 1983, our law firm has assisted countless Central Florida residents. Along with divorce and family law, we also specialize in business and corporate law, criminal defense, real estate law, and more. Through the years, we’ve built a solid reputation as a reliable personal injury attorney in Daytona Beach. Contact us today with all your legal questions, and to move ahead with your divorce.
Posted: March 7, 2019