Do you have a high net worth divorce? If so, you may wonder if you need to worry about hidden assets in your divorce.
What are hidden assets?
Hidden assets are any assets that one spouse does not disclose or tries to conceal from the other spouse during the divorce process. This can include bank accounts, investments, businesses, properties, trusts, gifts, etc.
Hidden assets can affect the fair and equitable distribution of marital property and debt, as well as spousal support and child support.
Not uncommon in high-net-worth divorces
According to some sources, hiding assets is not uncommon in divorce, especially in high-net-worth divorces where one or both spouses have complex financial situations or own a business.
Some spouses may hide assets because they do not want to share them with their soon-to-be ex-spouse or because they want to reduce their income or net worth for support purposes.
Signs of hidden assets
There are some common signs that your soon-to-be ex-spouse may be hiding assets. These signs include that they claim assets or an income that is lower than you remember. They may also seem hesitant to share financial information with you, or if they do, the financial documents show unexplained expenses or transfers.
Other signs include that your soon-to-be ex-spouse has offshore accounts or assets in other countries. Be mindful of where money is spent because some may hide money by paying fake employees or giving money or property to family members or friends.
If you suspect that your spouse is hiding assets in your divorce, you should take steps to find them and protect your rights. One way to do this is to hire a forensic accountant. This professional can analyze financial records and trace the movement of money and assets.
Finding hidden assets in a high-net-worth divorce can be challenging, but it is not impossible. Divorce attorneys and forensic accountants help clients uncover hidden assets so that they can reach fair divorce settlements.