Is My Spouse Hiding Assets From Me Pending Our Divorce?
In Florida, when you divorce, all of the property that you accumulated during the marriage becomes part of the marital estate. The marital estate must be divided during the divorce. In Florida, we operate on a process known as equitable distribution. Equitable distribution means that assets in the marital estate are divided in accord with what is fair (or equitable) as opposed to an even split. That being said, the courts default on the notion that an even split is fair to both parties. Therefore, the marital estate is usually divided in half, but in certain cases, the court will see fit to award more of the marital estate to a lower-earning spouse.
In cases where the marital estate is likely to be divided unevenly, one spouse may try to hide assets from the other. Such a tactic could lead to a prolonged legal battle that costs the parties more to litigate. This could leave a lower-earning spouse at a considerable disadvantage.
If you believe your spouse is hiding assets from you to prevent those assets from being equally distributed, then you need to share that information with your attorney. In this article, the Orlando divorce lawyers at Greater Orlando Family Law will discuss the strategies used by some spouses to hide assets from the marital estate.
Tactics used to hide assets
Numerous tactics can be used to hide an asset or assets from the marital estate. All of these tactics constitute fraud against the court. Some common tactics include:
- Failing to disclose the existence of an asset
- Fraudulently transferring an asset to a third party
- Creating and then paying off false debt
- Moving money to offshore bank accounts
- Keeping money or property in safe deposit boxes
- Creating false business expenses and losses
- Receiving and hiding unreported income
Some of these actions will leave a paper trail. In fact, some of them will create a false paper trail. Knowing what to look for can help you spot red flags that may indicate that your spouse is hiding assets.
If you are engaged in a current divorce and believe your spouse is hiding assets, your attorney, with the help of a forensic accountant, can examine the financial records, tax returns, and other documents to spot discrepancies. Your attorney will help you determine whether funds have been removed from the marital estate to prevent you from gaining access to them during equitable distribution. We can further investigate to determine the whereabouts of the funds or assets that are being hidden. We can also take steps to recover these assets and alert the court to the fact that one spouse is attempting to hide them. We can request a court injunction to prevent the hiding of additional assets.
We can also leverage the power of the court to find and recover missing assets. If the court determines that one spouse is intentionally hiding or withholding financial information in violation of their disclosure duty, that spouse may be held in contempt. They can further face criminal fraud charges. The spouse may also be required to pay your court costs and attorney’s fees as punishment for defrauding the court.
Talk to an Orlando Family Law Attorney Today
Greater Orlando Family Law represents the interests of divorcing spouses. Call our Orlando family lawyers today to schedule an appointment, and learn more about how we can help.
