What happens when you hide assets in your divorce?
If you and your spouse have maintained separate accounts and finances during your marriage, you may be concerned that your spouse may hide marital assets during your divorce. This fear may be heightened if your spouse is paid in cash and/or has a history of setting aside cash in a secret location.
Full financial transparency is a cornerstone of any divorce. If you enter into a divorce agreement or go to trial without proper disclosures by your spouse, he or she may be subject to contempt or perjury and your final decree may be set aside to allow you to go after the hidden assets.
Digging deep into your spouse's financial records often reveals undisclosed accounts. Examining bank and credit card statements for transfers and payments to other accounts is one way to identify hidden accounts.
Looking at trusts established during a marriage and transfers into and out of a trust often leads to a paper trail of undisclosed assets. Asking the right questions and following the evidentiary trail is critical to making sure that you identify all marital assets in your divorce.
In some cases, a forensic accountant is needed to identify missing or hidden assets in a divorce.
If you suspect your spouse may be hiding assets, talk to our experienced Georgia divorce lawyers for additional strategies to help identify hidden assets and protect you in your divorce.