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How to Address Hidden Assets During a California Divorce

Posted on in Divorce

Los Gatos, CA divorce lawyer for hidden assets or income

Coming to the conclusion that your marriage has broken down beyond repair can be a difficult truth to address. However, once you have decided that ending your marriage is the best decision for you and your family, it is time to begin preparing for the divorce process. Planning for your post-divorce life is especially important, since it will help you ensure that you can have a healthy financial future. However, in some cases, when a person knows or suspects that divorce is imminent, they may begin to hide assets from their spouse. This may be done as a way to avoid dividing property during the divorce or out of a desire to hurt one’s former partner. Whatever the reason, it is not only unfair to the other spouse, but it is illegal. If you suspect that your spouse is attempting to hide assets or income, you should speak with a knowledgeable divorce attorney as soon as possible. 

How Assets are Hidden

There are a number of ways a person may attempt to conceal marital assets from their spouse. One of the most common methods of doing so is by opening a secret bank account and withdrawing money from marital accounts. A person may also transfer money to another party to hold on to until the divorce is finalized, and they may claim that these transfers are being made to pay a person back for debts that never actually existed. A spouse may also secretly purchase assets such as valuables, collectibles, or real estate, or they may lie about the income they earn in hopes of reducing any child support or spousal support they would be required to pay following divorce. 

How an Attorney Can Help 

If you suspect that your spouse is hiding marital assets from you, it is important to act with urgency. A skilled attorney can examine your family’s finances, including bank accounts, credit card statements, investment, and taxes to look for behavior that may suggest that money is being hidden or used improperly. Your attorney can also assist you in hiring a forensic accountant to further examine the family’s finances and the records of any businesses owned by your spouse to determine if assets are being withheld. 

Contact an Experienced Los Gatos High Asset Divorce Attorney 

The divorce process can be emotionally turbulent, and hiring an attorney you can trust is the most important step you can take. With years of experience representing clients in complex divorce cases, Attorney Benita Ventresca is here to help you determine how to address hidden assets or other financial issues. To schedule a complimentary initial consultation with a skilled Los Gatos, CA divorce lawyer, call our office today at 408-395-8822. 

Sources:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/#3cc529976fd1

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