Hidden Assets Divorce
The client has initiated divorce proceedings and is seeking advice on addressing concerns about hidden financial resources allegedly held by their spouse. The inquiry focuses on understanding steps to ensure full financial disclosure during the divorce process and how to deal with potential hidden assets effectively.
Questions about this case
These answers have been verified by a lawyer in the LEAP networkHow can I ensure that all assets, including hidden ones, are disclosed during the divorce proceedings?
To ensure all assets are disclosed during divorce proceedings, apply for a financial order requiring full disclosure from both parties using a detailed financial statement. Review the financial disclosures critically and seek additional information if necessary. The court can compel disclosure and impose penalties for non-compliance. Consider engaging a financial expert to help identify discrepancies or hidden assets.
What steps can I take if I suspect my spouse is hiding assets or income?
If you suspect asset concealment, consider applying for a court order to freeze assets if there is concern of dissipation before settlement. Request full financial disclosure through the required forms, and document any unusual spending patterns. Consulting with a financial expert may also help to investigate any inconsistencies.
What evidence or documentation should I gather to support my claims regarding hidden assets?
Gather evidence such as financial documents, bank statements, and tax returns from recent years. Look for discrepancies or unexplained transfers. If the spouse owns a business, investigate financial records for potential hidden resources. Keeping track of suspicious transactions is also essential.
What are the potential consequences for my spouse if hidden assets are discovered during the divorce process?
If hidden assets are found, the court may adjust the financial settlement, potentially awarding a larger share to the other party. The court might also impose penalties for non-disclosure and could reopen the financial settlement if assets are revealed after the final order.
