Divorce is often emotional and complicated, especially when you have significant wealth. Sometimes, spouses hide assets to reduce the amount they must divide, which is unfair and also violates New York divorce laws.
A spouse who strives to hide assets from the marital estate puts your financial future at risk. If you suspect your spouse of financial shenanigans, you need a skilled lawyer who knows how to hold them accountable to ensure you receive the equitable distribution you deserve.
Why do spouses hide marital assets?
It’s a brutal truth: greed and a fear of financial loss drive some spouses to conceal assets. They may want to reduce the divorce settlement. Some spouses also try to shield assets they believe they alone earned. However, you deserve transparency and a complete accounting. People use different tactics to hide money and property, including:
- Transferring funds or property to friends or family members
- Using cash transactions to avoid a paper trail
- Undervaluing business interests or assets in official documents
- Creating false debt or overpaying taxes to show less income
These actions violate New York’s legal requirement for full disclosure. Working with an experienced attorney who can thoroughly review every detail of your finances and identify potential red flags is crucial.
How a lawyer finds undisclosed wealth
A skilled attorney plays an essential role in uncovering hidden assets and property. First, they utilize the discovery process, a legal procedure that requires the disclosure of all financial information. They also have other tools at their disposal, including:
- Issuing subpoenas to banks and other financial institutions
- Retaining forensic accountants to analyze complex financial records
- Conducting detailed document reviews of tax returns and business ledgers
- Taking depositions—out-of-court sworn testimony—from your spouse and others
These steps are often necessary to ensure your spouse doesn’t keep assets hidden. Finding the truth is essential for a fair division of your marital estate.
If a court discovers deliberate deceit, your spouse could face monetary sanctions or a significantly reduced share of the marital estate. A spouse who loses credibility in the eyes of a judge can also receive unfavorable child custody and support judgments. If their conduct is egregious, they could even face criminal charges, including perjury or contempt of court.
Securing an equitable future
New York divorce laws require the full disclosure of all assets and liabilities. This comprehensive picture is essential for achieving a fair and equitable outcome, especially when the financial stakes are high.
Hidden assets pose a significant challenge that necessitates knowledgeable legal guidance. A skilled lawyer works diligently to protect your financial stability, ensuring your assets are valued correctly and divided fairly, securing your future.