Hidden Assets and Divorce
Mission Viejo Divorce Lawyer: Identifying Hidden Assets in Divorce
In divorce, both parties are required to reveal all assets, cash and property that is owned either separately or as marital property. Property and assets will be divided, based upon the details presented to the court, as measured against state law as part of the divorce. It is not uncommon for one spouse to take actions to hide certain assets in the hopes that the other spouse will be unable to gain access to bank accounts, stock accounts, property or other assets. If you believe that your spouse has hidden assets, Mission Viejo divorce attorney Daniel C. Hunter IV can help you get the facts and uncover hidden assets.
During a divorce property is categorized as:
Separate property. This is the property you owned prior to the marriage, or other separate property such as an inheritance.
Marital property. This is termed community property, and includes all the property (and debt) acquired during the term of the marriage.
Matters can become complex when there has been a comingling of separate and marital property, or if it is suspected that there are assets that have not been disclosed, as is required by law.
Uncovering Hidden Assets
There are many ways that assets can be hidden. Here is a brief summary:
- Opening new accounts without your knowledge;
- Undervaluing antiques and collectibles or other property;
- Falsifying income statements;
- Falsifying debt;
- Hiding cash in the form of travelers checks;
- Hiding assets offshore;
- Transferring ownership to another party to avoid disclosure in the divorce.
If for any reason you feel that your spouse is hiding assets in your divorce, you will want to hire an attorney that has the resources to uncover these hidden assets, whether they are within the country or offshore. This is a formal legal process which includes document demands, inspection demands, interrogatories, and testimony given under oath. To ensure you get or keep the property you deserve in a divorce, you will need a knowledgeable and experienced lawyer on your side.
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