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How to address a hidden asset problem in divorce

| Feb 15, 2021 | Divorce |

It is understandable that a Florida spouse who is preparing for divorce would want to protect his or her financial interests during proceedings. Property division operates under equitable property guidelines in this state and most others. A concerned spouse has a right to expect a fair settlement, although it can be difficult to achieve one if the other spouse in question is attempting a hidden asset scheme.

Both spouses must disclose all assets in a divorce

Some spouses try to gain the upper hand in property division proceedings by hiding assets. This is often done by literally stashing cash in hidden locations, such as a safe deposit box, under floorboards in an attic or by asking a friend or relative to hold money until the court finalizes a divorce. A spouse trying to hide assets may fail to submit a fair and full disclosure during the discovery phase of divorce proceedings.

A spouse has a right to a fair settlement

It is not uncommon for spouses who are worried about possible hidden asset problems in divorce to hire forensic accountants who can investigate a specific situation to determine if assets are being concealed. Divorce often has significant financial implications, especially for someone who is a parent or who has been out of the workforce for many years during marriage. Every person has a right to expect a fair settlement, which may or may not include child support, alimony, a portion of retirement benefits and other financial issues.

It is important to gather evidence to prove a suspicion

In Florida and all other states, it is illegal to hide assets in a divorce. Any spouse who suspects a hidden asset problem may be proactive in seeking additional support to conduct an investigation. If there is evidence that confirms the suspicion, the spouse in question may immediately bring the matter to the court’s attention.