Serving Rome, New York residents with legal issues

How to deal with hidden assets during divorce

On Behalf of | Jan 9, 2022 | Divorce

During divorce proceedings, full property disclosure is required to ensure that every party gets their fair share of marital property. But what if your ex is hiding assets to keep them away from division?

You need to safeguard your legal rights and ensure that you get what you deserve from the marital property you both worked hard for. It means that you should be vigilant and wary of your ex-spouse’s bid to hide assets. Some of the signs to look out for include:

  •         Your ex is not forthcoming with all the bank details
  •         A sudden increase in expenses or a reduction in income
  •         Suspicious money movements
  •         Property transfers hurried through before the divorce
  •         Undervaluation of assets

How to go about it

Remember, you need to prove that your ex failed to disclose certain property. This involves digging up financial records or following the paper trail to prove your allegations. Legal means can be used to access some information you may not be privy to, such as secret bank accounts. You may also need to have a professional auditor if things get complicated.

If you have actual proof of hidden assets, you may present your case. The judge may penalize your ex by transferring some or all of that property to you. The judge may also hold your ex in contempt of court for lying under oath with the possibility of fines or time in jail.

Take action

Should you discover that your ex was not forthcoming with the truth, even after divorce proceedings have been concluded, you need to take informed steps and hold them accountable for their actions. That way, your interests will be well secured when it comes to dividing marital assets.