Hidden Asset Warning Signs When Divorcing
When a marriage is ending, there are often disputes between spouses about how marital assets will be divided between the two parties. While asset division can be difficult for a variety of reasons, the situation can become even more complicated when one of the individual’s attempts to hide assets in order to shield them from disbursement.
Exploring some warning signs of hidden assets during a divorce could be in your best interests. After all, you need to be sure you are agreeing to a full and fair divorce agreement, one that allows you to exit the marriage with the security you need. Share your hidden asset suspicions and long-term financial objectives with an Orlando divorce lawyer. Then, a path forward can be strategized.
Warning Signs of Hidden Assets During a Divorce
Some of the indicators that a spouse is shielding assets include the following:
- Sudden changes in financial behavior. If your spouse suddenly changes their financial behavior during a divorce, it could be a sign that they are trying to hide assets. For example, they may start making large purchases or transferring money between accounts.
- Unexplained decrease in income. When a person’s income suddenly decreases without explanation, it needs to be investigated. The person may be hiding income by not reporting it or by reporting a lower income than they actually earn.
- Strange increases in debt. If your spouse suddenly incurs a large amount of debt during a divorce, they may be participating in an effort to protect assets from division. They may be taking out loans or using credit cards to hide assets and make it appear as if they have less money.
- Changes to business structure. Business owners may attempt to hide assets by changing the structure of the business. For instance, they may transfer ownership to a friend or family member.
And where assets are hidden will depend on the situation. Sometimes spouses interact with offshore accounts, in order to make assets hard to trace. In other circumstances, a person may attempt to shield assets in cryptocurrency, hide cash, or put resources into art, jewelry, or other valuables that may be more difficult to track during the process of asset and debt division.
How an Orlando Attorney Can Help
Whatever your financial concerns, from suspecting hidden assets to property division, it is important to speak with an Orlando attorney who has experience in producing a well-crafted divorce agreement. An attorney has the skills to conduct an investigation to determine whether your spouse is hiding assets as well as the expertise to review financial records, business records, and other documents to uncover all marital assets.
Your Orlando divorce lawyer will work to be sure that assets are valued properly and then negotiate fair share terms with your spouse and their attorney.
Were you looking over your marital financial records and have begun to suspect your spouse is hiding assets? Share your financial concerns today and your hopes for your financial future with the family law attorneys at Donna Hung Law. Call 407-999-0099 or contact us online to book your fee-free initial evaluation.