A high-asset divorce can be enormously complicated. After all, there are a lot of assets that have to be divided, which means that the stakes can be significant for all parties involved. This is why it’s imperative that you have a competent strategy going into settlement negotiations and litigation. If you fail to fully consider which assets fall into the marital estate, for example, then you could end up being short-changed when it comes to property division.
Is your spouse hiding assets?
One challenge that many individuals face in a high-asset divorce is hidden assets. Far too often in these situations, one spouse tries to hide assets from their spouse and the court so that those assets won’t be subjected to the property division process. A spouse may try to do this by moving money into a new individually held bank account, retitling assets in the name of a friend or family member with the understanding that they will still get to use the asset, or even squander money away prior to divorce so that it won’t be divided.
How do you know if assets are being hidden?
There are a few things that you can do to try to spot hidden assets. To start, be observant. Consider if your spouse is receiving documentation from new banks, for example. Then, think about whether a forensic accountant could be helpful to you. These financial experts can analyze your marital finances to look for red flags. They can then follow the money trail to figure if assets have been hidden and, if so, where they went. They can also serve as powerful witnesses if additional legal action is needed to bring those assets back into the marital estate.
Protect yourself during the property division process
There’s a lot on the line in your divorce. The outcome of your property division can set the stage for your post-divorce financial standing for decades. That’s why you may want to consider working closely with an experienced divorce attorney who can help you ensure that you’re getting a fair shot at all marital assets, not just those that you know about.