Protecting What Matters Most

Tips for learning about hidden assets

On Behalf of | Aug 7, 2020 | Divorce

During divorce proceedings in New York and most other states, each party to the marriage must provide the other with information about their net worth. However, there is a chance that your spouse will attempt to lie about how much money he or she has or how much an asset is worth. Let’s take a look at what you can do to learn more about your spouse’s finances.

How to discover hidden income or assets

A person may attempt to hide income or assets by transferring money into an offshore account or transferring assets to a friend or family member. You may be able to learn more about these or other misdeeds by obtaining copies of recent bank statements. You may also want to review a spouse’s credit card statements or tax returns. It isn’t uncommon for those who are going through a divorce to pay more than what they owe in the hopes of getting a refund after the marriage is officially over.

What to do if you discover assets after a divorce is finalized

If you discover assets after a divorce is finalized, it may be possible to amend the terms of the settlement. You may also take legal action against your former spouse to obtain your share of a bank account, business or other item that wasn’t disclosed properly. Generally speaking, individuals may be subject to civil or criminal penalties for withholding financial information during a divorce.

If you believe that a spouse may be hiding assets, it is important to speak out before a divorce proceeding is over. This may make it easier to obtain a larger share of marital property in addition to larger monthly alimony payments. A family law attorney may be able to help pursue what you are entitled to.

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