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What are hidden assets?

On Behalf of | Mar 29, 2021 | divorce

Do you trust your estranged spouse to be honest during your divorce? Many divorcees try to hide assets so they don’t have to share them with their former spouses. If you don’t discover their assets until you finalize your divorce, it might be too late to take action. Don’t be afraid to talk about hidden assets with your Florida attorney, because you are entitled to a fair share of all marital assets.

How could your estranged spouse hide their assets?

To start, your divorce attorney might advise you to look at your most recent tax returns. Your returns might offer clues about properties and assets that your estranged spouse didn’t tell you about. For example, you might find profits that you didn’t know about or deductions that don’t apply to your existing properties. While it could be a misunderstanding, it could also suggest that your estranged spouse hid assets from you before your marriage came to an end.

Your estranged spouse might also transfer property to someone else, then reclaim the property after your divorce. For example, you might notice that a large chunk of your joint savings has suddenly gone missing or collectibles have disappeared from your house. Make sure you tell your attorney if anything suddenly disappears. Your estranged spouse might claim that they just had to pay some expenses, but they could have easily given the properties to a friend for safekeeping.

Your estranged spouse might even admit that they own an asset but deliberately misrepresent its worth. For this reason, you should never take your spouse’s word on property valuations. Your attorney might suggest hiring an objective third party to evaluate your marital properties.

What if your estranged spouse hides properties from you?

Your estranged spouse could face serious legal consequences if they try to hide anything from you. If you have any suspicions about hidden assets, make sure you bring them up to your attorney as soon as possible.