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How Can Hidden Assets Affect the Divorce Process?

Posted on in Divorce

Los Gatos divorce attorney for hidden assetsIn the state of California, the divorce process is governed through the California Family Code. When it comes to the assets owned by divorcing spouses, Family Code Section 2100 states that both parties must present an accurate and honest statement of their assets and liabilities. This disclosure should be completed during the early stages of a divorce, and all assets owned by the spouses should be included, regardless of whether they are community property or separate property. Unfortunately, many divorcing spouses attempt to leave certain assets out of this disclosure in order to avoid including these assets in the property division process. If you are getting divorced, you should be aware of some of the most common types of hidden assets and the steps you can take if you believe your spouse is withholding assets during the divorce process. 

Common Methods of Hiding Assets 

In some cases, a spouse may make an oversight or error and accidentally fail to disclose property. However, there are many cases in which one party will attempt to conceal certain types of property to avoid having to divide or share these assets with their former partner. A divorcing spouse may hide assets by withdrawing money from marital accounts and depositing it in a secret account or transferring it to a friend or family member with the intent of reclaiming it after the divorce is complete. Spouses may also provide incorrect or fabricated information on income or asset disclosures, or they may purchase valuables, collectibles, real estate property, or other assets without informing the other spouse.

Addressing Hidden Assets

If you suspect that there are certain assets that your spouse has not disclosed during the divorce process, you have a number of options. In some cases, you may be able to resolve these issues by discussing them with your spouse. If your divorce has been amicable and respectful, your spouse may have simply made a mistake when they failed to disclose the asset in question. 

However, if your spouse has purposefully concealed any assets, you may need to take legal action to uncover their actions and ensure that all of your marital property is considered during the divorce process. Your divorce attorney can help you work with experts such as forensic accountants or appraisers to discover any undisclosed assets and determine the proper valuation of your property, and they can help you make sure you will receive your fair share of the property you and your spouse own. Your attorney can also guide you through the process of disclosing your own assets and ensure that you are in compliance with the California Family Code.

Contact a Los Gatos, CA Hidden Assets Attorney 

When it comes to the divorce process, it is wise to have an attorney you can trust at your side. Attorney Benita Ventresca will guide you through every step of the divorce process and help you negotiate an equitable and fair settlement. If you believe your spouse is hiding assets, Attorney Ventresca will do everything in her power to secure what is rightfully yours. To schedule a free consultation with a compassionate Los Gatos divorce lawyer, call us today at 408-395-8822.

Sources:

https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=FAM&division=6.&title=&part=1.&chapter=9.&article=

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