There are many different matters that must be settled in a New York divorce before spouses can officially separate. One of the largest parts during this time is the division of assets. This is when the couple’s marital assets are divided between them based on the process of equitable distribution. During this time, spouses often fear losing certain assets that they cherish. This can lead them to make mistakes such as hiding their assets from their spouse and the court. If you believe your spouse is hiding assets, continue reading to learn more and contact an experienced New York divorce attorney for assistance with your case.
How Can Assets be Hidden?
Unfortunately, not all spouses are honest during divorce proceedings. This is especially so during the division of assets. That is why it is best to not always take what your spouse says at face value, as there is a possibility that certain assets exist you are unaware of. The following are ways that a person can hide assets during a divorce:
- Overpaying on taxes so they can get the money bak in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
How Can I Discover Hidden Assets?
When assets are hidden in divorce proceedings, it can be hard for each party as well as the court to have a complete understanding of the marital assets in the case. It is because of this that there are ways you can try to uncover and locate these missing assets. There are many divorce cases that benefit from retaining the services of outside experts to help the case. In the event of missing assets, a spouse may wish to work with a forensic accountant. The job of this individual is to locate the assets that may be hidden from the proceedings. This can be accomplished by looking into a spouse’s finances to find unusual transfers or sales. This allows them to see where their money is going and find assets you may not have even known about.
Contact our Firm
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.