Dividing a once-shared financial life can be one of the trickiest aspects of divorce; it’s often complicated and rife with emotion. To make sure everything is evenly divided and fairly distributed, couples may need to enlist the help of family law attorneys who can work together with a couple or individual to assist with asset division, child support, spousal maintenance, parenting time schedules, and more. The hope is that a couple ends a marriage or partnership amicably, but that isn’t always the case.
Unfortunately, there are countless cases in which one spouse tries to obscure valuable assets or even underreport their finances in an attempt to keep more money. Sometimes, this process is straightforward. Other times, hidden assets may deprive a partner from getting their fair share of support. That’s why having someone who specializes in these matters can be so important – to help ensure that both sides get equal representation and full disclosure along the way.
A partner using an LLC or business to hide assets can be challenging to track and prove, making it a common tactic for hiding assets. Spouses who own businesses may exaggerate salaries for their employees or hire an accountant or financial advisor to manipulate a company’s profits or losses. Spouses may also hold off on large commission-based deals or temporarily suspend an influx of cash to avoid paying more for spousal support, child support, or property division.
One of the most common ways individuals hide assets is through gifting, which can make tracking and assess complex for accountants or family law attorneys. A person, for example, may transfer funds to a friend or family member and have the selected individual return the gift after a divorce is finalized.
Hiding assets during a divorce can be a complicated and tangled process. Often, assets are hidden in high-net divorce, but each party needs to beware of any suspicious behavior regarding joint finances during a divorce. However, with the help of a qualified attorney, it is possible to uncover hidden assets and ensure an equitable property division.
Deciding to divorce is a difficult decision. The attorneys at Mahoney Richmond Thurston, PLLC, are here to help you navigate this process and ensure the best possible outcome for you and your family. With decades of experience representing divorce clients, we have the knowledge and tools to help you explore your options and negotiate with your spouse.
Contact us today to schedule your consultation. We can answer your questions, discuss your unique situation, and help you decide what steps to take next.