Going through a divorce impacts all aspects of your life. You will likely no longer share the family home. Beyond that, you must divide all your assets and financially disentangle from your spouse.
It is important to ensure the division of marital property is equitable and that you and your spouse have fully disclosed all assets. An accurate appraisal of assets may be necessary to ensure nothing is undervalued or overlooked. If your spouse conceals assets, you may receive less than what you are entitled to from the marital estate. To give yourself the best opportunity to receive a fair distribution of your family’s assets, you should work with a qualified Connecticut lawyer who can guide you in how to approach finding hidden assets in Fairfield.
Couples going through a divorce must be honest with each other and with the court overseeing the dissolution of their marriage and the equitable distribution of assets. Each spouse has a duty to fully disclose all assets, jointly or individually held, as well as all debts and liabilities. Unfortunately, some individuals attempt to deprive their spouse of a fair share of the marital estate by misrepresenting income, debts, expenses, or assets.
When a spouse hides assets in Fairfield, the other party could receive significantly less than what is equitable under the law. Fortunately, a knowledgeable legal team knows how to help. If you suspect your spouse might have additional assets that they are trying to keep out of the marital estate, a seasoned Connecticut attorney can assist you by engaging the appropriate forensic experts to locate those hidden assets.
People can be devious when it comes to hiding money from their ex-partners.
Some spouses attempt to undervalue their assets during divorce proceedings. While they may disclose the existence of certain property, they might present those assets as being worth less than their actual value. For example, a self-employed individual could underreport the value of their business or their projected income in an effort to reduce the size of the marital estate subject to division.
Some people try to make it look like they have fewer assets and income by making large overpayments to the IRS or other entities. By overpaying the IRS in advance, they can hide their money.
Some people give property or assets to relatives or close friends. After the divorce, the relative or friend will then give them back or sell the items back to the dishonest spouse for a nominal price.
Another common tactic involves delaying potential financial gains, such as raises, promotions, commissions, or bonuses. An employee might ask their employer to postpone payment until after the divorce is finalized, effectively shielding that income from division with their spouse.
Some spouses take assets out of joint accounts and move them to individual accounts. Some even move them into overseas accounts, family trusts, or shell corporations that are harder to trace.
One method of hiding assets is purchasing collectibles or art. While not the same as cash, these items often retain significant value and can be resold after the divorce to recover funds privately.
Locating hidden assets in Fairfield divorce cases can be complicated, which is why working with a knowledgeable and experienced local legal team is helpful. A qualified attorney can use their skills to work alongside forensic accountants, investigators, and other top experts to help you locate any potentially valuable assets.
Finding hidden assets in Fairfield in a divorce can make a big difference in the outcome of your divorce settlement. If you are able to locate additional assets, the amount that you receive could end up being substantially larger. Work with our experienced Connecticut legal team who know all the tricks that dishonest spouses apply.
Contact us today for a free consultation.
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