Going through a divorce can feel overwhelming, especially when there are concerns about hidden assets. You may be worried that your spouse is trying to hide property, money, or other valuable items to avoid sharing them with you. If you are facing this situation, it’s understandable to feel anxious and uncertain about what to do next. At times like these, it’s important to know that you do not have to face the process alone. We are here to provide support and guidance. We understand the emotional challenges that come with a divorce and the added frustration that can come from uncovering hidden assets. Our goal is to help you navigate these complexities and ensure you get a fair resolution in your case.
Understanding the Impact of Hidden Assets
In a divorce, the division of assets is a major issue. New Jersey follows an equitable distribution system, which means that assets are divided fairly, but not necessarily equally. The courts will consider various factors such as the length of the marriage, each spouse’s financial situation, and contributions made during the marriage. However, if one spouse is hiding assets, it can significantly affect the fairness of this division. Hidden assets can range from cash, investments, real estate, or valuable items like jewelry or collectibles. Finding these assets is crucial to making sure that you receive your fair share of the marital property.
When someone hides assets, they are essentially manipulating the divorce process, which can be frustrating and difficult to uncover. However, it’s important to understand that there are legal methods to identify hidden assets and prevent one spouse from unfairly benefiting. If you suspect that your spouse is hiding assets, there are steps that can be taken to ensure they are found.
How to Identify Hidden Assets
Spotting hidden assets can be difficult, but it is not impossible. In many cases, one spouse will try to hide assets by underreporting income, exaggerating debts, or shifting property to third parties such as family members or friends. One of the first signs that assets may be hidden is when your spouse has unusual spending habits or an unexplained change in lifestyle. They might start taking large withdrawals from joint accounts or claim to be in debt when it doesn’t seem to make sense. These are red flags that something may be wrong.
More than an accomplished divorce and family law attorney, Tanya L. Freeman, is a consummate professional with a wealth of corporate and life experience. Known as a leader and strategist, Tanya L. Freeman was appointed by the Governor of New Jersey as Chair of the Board of Directors of the University Hospital in Newark, New Jersey. Tanya L. Freeman also presents among the ranks of public speakers. She captivates and inspires professional groups nationwide. "Tanya has the eloquence and oratory brilliance with the ability to forge deep connections with her listeners."Managing Partner of the Family Law Practice at Callagy Law
Another way to identify hidden assets is through financial documents. Bank statements, tax returns, and investment account statements are key tools in uncovering hidden assets. If your spouse is not being upfront about these documents, or if you notice discrepancies in them, this could be a sign that assets are being concealed. In some cases, forensic accountants are brought in to thoroughly review the financial records and uncover any inconsistencies or hidden accounts.
Legal Tools for Uncovering Hidden Assets
The legal system provides various methods to uncover hidden assets during a divorce. Discovery is one of the most common tools used. Discovery involves the formal exchange of financial documents and information between both spouses. Through discovery, you can request a wide range of documents that may help identify hidden assets. If your spouse is not forthcoming with the information, a subpoena can be issued to compel them to produce the documents. This can be a powerful tool in making sure that all assets are disclosed.
In some situations, spouses may also use depositions to question each other under oath about their financial circumstances. Depositions can be used to ask specific questions regarding hidden assets and allow your attorney to gather crucial information that could reveal hidden property. If there is a serious suspicion of hiding assets, the court may also allow for more aggressive measures, such as hiring forensic accountants or conducting a forensic audit. These experts are trained to detect financial discrepancies and hidden assets that may not be immediately apparent.
What to Do If You Discover Hidden Assets
If you discover that your spouse has hidden assets, it’s important to address the issue as soon as possible. The discovery of hidden assets can change the entire course of the divorce proceedings. In many cases, your spouse may be required to provide a detailed explanation of where the assets are and why they were not disclosed. If your spouse refuses to comply with discovery requests or provides false information, there could be legal consequences.
In New Jersey, hiding assets during a divorce is considered fraud, and there are serious penalties for it. If it is proven that one spouse intentionally hid assets, the court can make adjustments to the property division. This could include awarding you a larger portion of the marital property as a penalty for the hidden assets. The court may also order your spouse to pay your legal fees or impose other sanctions.
The Role of Your Attorney in Handling Hidden Assets
Having an experienced attorney by your side is crucial when dealing with hidden assets in a divorce. An attorney can help you understand your rights and ensure that you have all the necessary evidence to prove that assets have been concealed. Your attorney can guide you through the discovery process, request the appropriate financial documents, and advise you on the next steps if hidden assets are uncovered.
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Your attorney can also work with financial experts who are skilled at detecting hidden assets. These professionals can analyze your spouse’s financial records in detail and help identify inconsistencies that could point to hidden property or money. By working with experts and using the legal tools available, your attorney can increase the chances of uncovering hidden assets and ensuring that you receive your fair share of the marital property.
Going through a divorce can be a challenging and emotional experience, and discovering that your spouse has hidden assets only adds to the difficulty. However, with the right legal assistance, you don’t have to face this process alone. An experienced attorney can help you uncover hidden assets, protect your financial interests, and work to achieve a fair and just division of property. If you are dealing with hidden assets in your divorce, it is crucial to take action as soon as possible. At Tanya L. Freeman, Attorney at Law, we understand the complexities of divorce and are committed to helping you through every step of the process. Contact us today to schedule a consultation and discuss how we can help protect your rights and interests during your divorce.