Protecting What Matters Most

Tips for learning about hidden assets

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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