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Is My Spouse Hiding Assets?

couple going through divorce and hiding financial statements

In high asset divorce cases, it is not uncommon for one party to hide their assets. If you suspect that your spouse is hiding assets, did you know that the burden to find the hidden assets may fall on you?  This can be challenging and is best undertaken by a professional and qualified attorney who knows where to look. For instance, your partner being registered as a silent partner in a business even if they are active in the operations of a business can understate assets. Spouses may also hide assets in offshore investment schemes.  Your spouse may actually be deferring compensation or modifying stock structures to circumvent income reporting. If assets and business interests are not fully investigated and considered in the divorce case, the Court or Arbitrator will not have the information he or she needs to properly allocate all marital assets.

Uncovering such schemes to hide assets is best done by a Colorado Springs divorce attorney. The attorney will not only work diligently to find the hidden assets but also to represent you in complex marital property disputes and ensure that you get what you are entitled to when dissolving your marriage or civil union.

Your attorney will also know how to find and list hidden assets by looking at your partner’s income, financial statements, business tax returns and personal tax records. Assets are more likely to be hidden if spouses filed their tax returns separately; however, even jointly filed taxes can be complicated or overlooked by a spouse at the time of filing.  It is not at all uncommon to discover that a spouse has made an investment or purchase without informing the other spouse.

An attorney can demand production of all financial statements and tax returns in a divorce case. Investments and assets are often hidden in order to avoid paying taxes on them.  Whether the IRS allows a deduction is irrelevant when considering income and financial status in a divorce case.  Family law courts use a different definition of income.  Also, foreign real estate holdings and trusts are commonly undeclared.

An attorney can also review detail account records to see if there are money transfers or expenses that were not recorded in the checkbook, register or business books.  Loan records and applications are another source to investigate.  If your partner did not disclose a real estate investment or business interest, loan applications may reveal the information.

While it is important to fully investigate all assets and income prior to the conclusion of your divorce, it may still be possible to reopen your case if you later discover or realize that an asset was not disclosed or concealed.  The process should begin by first engaging an experienced, skilled and motivated lawyer who knows where to look and knows how to interpret complicated financial information.

If you have your suspicions or even if your case has been decided, contact The Drexler Law Group to get the facts about your spouse’s or former spouse’s assets and to present the evidence in a court of law.  Without excellent representation and the proper resources, you may fail to achieve a fair outcome and hold a concealing party accountable.

Posted in: Divorce
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