Uncovering Hidden Assets In Divorce
During your divorce settlement, the court will equitably divide marital assets and debts. Unfortunately, some people try to secure a better allotment by illegally concealing significant assets. If your spouse hides assets, you could forfeit a substantial amount of property that may impact future financial security.
The attorneys at Beroes Law Center have over 50 combined years of experience handling complex and high asset divorce cases for Pennsylvania families. Our skilled legal team can carefully evaluate your marital property and uncover hidden assets. We will act as your trusted advocates to recover resources and ensure fair property division.
If you are considering divorce, call our Allegheny County office at 412-621-6811 to discuss your case.
Precautions To Ensure A Fair Property Division
While you cannot entirely prevent your spouse from concealing assets, you can take certain precautions to mitigate that risk, including:
- Remaining informed of your financial situation. The partner who is not in charge of the family finances is usually the victim of concealed assets. Heading into divorce, you need to fully understand all of your assets, debts, investments, financial statements and retirement accounts. The more familiar you are with your financial standing, the easier it will be for you to identify questionable transactions or reporting techniques.
- Monitoring your spouse’s spending and lifestyle habits. Your spouse may try to conceal assets through expensive purchases or gifts to friends and family. Higher than expected spending habits may also indicate that he or she has more resources than previously disclosed. Carefully monitor your spouse’s actions to identify problematic behavior.
- Discussing your situation with our qualified lawyers. We understand what tactics individuals use to conceal assets, and we can skillfully identify areas of concern to ensure an equitable property division. Our attorneys will thoroughly evaluate your assets and employ all available tools to uncover information.
While asset concealment can negatively impact any divorce settlement, it is more common in high asset divorce cases where families have more complex investment strategies and significantly more assets to keep track of.
Common Ways Assets Are Hidden In Divorce
A spouse seeking to hide assets from their husband or wife usually goes further than keeping cash in a suitcase. Strategies to be aware of include:
- Using tricky accounting to make a business, house or other assets seem less valuable than they are.
- For business owners, putting off promising deals or putting imaginary “employees” on the payroll to reduce apparent assets.
- Not reporting all their income on their taxes.
- Temporarily transferring marital assets to friends or relatives as “loans” or “gifts” until the divorce is final.
- Putting money into bank accounts in the children’s names.
- Placing money and other valuables in a safety deposit box, they did not tell you about.
A forensic accountant can be an invaluable resource. Forensic accounting is a method of investigating personal and business finances for signs of hidden assets. We use some of the leading forensic accountants in Pittsburgh and Allegheny County to help us ensure that you know exactly what you are entitled to in the property division. Only with a precise picture of what you own can we negotiate an equitable and reasonable settlement for you.
Contact Us To Defend Your Financial Interests
If you are facing divorce and suspect that your spouse is not providing straightforward answers, we can assertively protect your rights. Our attorneys will work closely with you to uncover any hidden assets and pursue a favorable settlement. Our goal is to protect your financial future and ensure that you receive the property and other assets you deserve.
Call us at 412-621-6811 to schedule your free consultation, or contact us online.