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Beware of hidden assets when divorcing

On Behalf of | Feb 2, 2022 | Uncategorized

You do not necessarily need to worry about your spouse hiding assets, yet you should not assume they are not either.

To an extent, it depends on who you married. If your spouse was always guarded about how much their business brought in, there is a high chance they will continue that lack of transparency in the property division process. Others may hide their deceit behind a layer of charm.

Won’t investigating the finances upset them? 

Some spouses will get upset if you start asking for copies of all financial details or for access you previously did not have. That is not your problem. It is your right to have accurate information, and if they are not willing to furnish you with it, you can ask a court to order them to.

How can I ask for details of something I do not know exists?

The more wealth you and your spouse have and the more complex your assets, the more it pays to seek the services of a forensic accountant. They may have a better idea of where to look than you based on their experiences with other divorcing couples.

What if I discover my spouse is hiding assets?

You take this information to your legal team, and they can work out how best to present the findings to a court.

The law requires that spouses are honest about assets when divorcing. If a judge finds your spouse has breached this trust, they may punish them by awarding you a greater share than you would otherwise have got. Not all spouses are dishonest in property division, yet it pays to be on the safe side and ensure yours is being truthful.