How to Recognize Hidden Assets During Divorce

Divorce is hard on everyone involved in it. The dissolution of your marriage can stir a range of emotions within you, but you cannot allow your feelings to crowd out your interests. If you have a marital estate of considerable wealth, you are entitled to half of it. California is a community property state, which means that you are entitled to half the value of your marital estate. The only way to protect your interests and preserve your rights is to hire a Pleasanton CA high asset divorce attorney. Your Pleasanton CA high asset divorce lawyer will be the only one who not only has your best interest in mind but has the skill and knowledge to pursue it.

Hiding Assets

If your spouse managed and controlled the finances of the marriage, they will probably know more about your assets than you. There is no need to be intimidated by this fact. The important thing is to get them accounted for as soon as possible. The very moment that you believe your marriage is coming to an end you should hire a Pleasanton CA divorce attorney. If your spouse knows that the two of you are on the cusp of divorce, they may start hiding assets. This is one of the most common forms of foul play, and you should not rule out the possibility that your spouse will try it. Hiring a Pleasanton CA divorce lawyer is a precaution. Such a lawyer will know what to do to stop them. If you waited to hire an attorney and you believe your spouse has already attempted to conceal marital property, your Pleasanton CA family law attorney will lay out the options for finding the money and other assets.

Hidden Assets and the Law

If a spouse attempts to devalue or conceal money, investments, or property, this is known as hiding assets and it is against the law. This illegal action comes in many forms. Your spouse may intentionally avoid reporting income through tax returns or financial statements. They may set up a secret bank account using your children’s social security number. They may even transfer property to a relative or a new lover.

If your spouse owns and runs a business, they may attempt to hide assets associated with it. This can be done by making fake payments to non-existent employees or temporarily moving money from the business to the account of a friend or colleague.

In the state of California, your spouse can be held in contempt of court or even charged and convicted of perjury if they attempt to conceal assets. The law requires each spouse to make a full disclosure of assets once the divorce proceedings begin. Failure to do so can result in harsh penalties.

Claiming Your Future

There is life after divorce. To claim it and begin building it, you will need to know how much money you will have to start with. You want to address the issue of undisclosed assets at the beginning of the divorce so that you can maintain your financial security after the process is complete. Hiring a high asset divorce lawyer will help you meet this aim.

One of the first things your attorney will do is bring in a forensic accountant. These professionals have the knowledge, insight, skill, and technical tools to track down every penny that belongs to the marital estate. No matter the lengths that your spouse has gone to hide assets, the forensic accountants your lawyer brings in will find them. This will allow you to get your fair share of the estate and will ensure that your spouse is held accountable for their act of deception.

If you are on the verge of a high asset divorce, then you should speak to a Pleasanton CA family lawyer at Tierney Law Group.