Part of a divorce is dividing all marital property and assets between the spouses. The first step is to inventory all your property and assets, so you and your attorney have an overview of what must be divided. Sometimes, a spouse will attempt to conceal certain assets to avoid having to divide them, and this can lead to serious issues in a divorce case.
Some people do not have a complete idea of their marital finances. Perhaps your spouse always handled the financial affairs, or they opened accounts without your knowledge. You want an attorney who can uncover all information related to your marital assets to ensure you receive a fair result in your case.
Some ways that spouses might hide assets include:
- Having secret individual financial or investment accounts
- Using off-shore accounts
- Making large purchases for others to hold while the divorce is pending
- Transferring assets to a business or another person’s name temporarily
- Creating a trust without the other spouse’s knowledge
- Selling assets and hiding the proceeds
Your attorney can use the discovery process during your divorce to request and obtain all financial records from your spouse. If your spouse fails to provide all the information, your attorney will know what steps to take to uncover hidden assets.
Your spouse can face serious penalties for attempting to hide assets. The court might award you greater property and assets than you might otherwise receive due to your spouse’s deception. Your Manhattan Beach divorce attorney can advise you of how your case might be affected by concealed assets by your spouse.
Seek Help from a Manhattan Beach Divorce Lawyer
At Furubotten Law, we handle divorces involving complex financial matters, including high assets or possible hidden assets. Contact us for more information about how we can assist you in your divorce case.