How Do Divorcing Spouses Hide Assets in Florida?
The division of debts and assets is one of the most complex aspects of any divorce case, even when the spouses can cooperate with each other. It becomes even more complicated when either party attempts to hide assets from the other. Concealing assets can result in a prolonged legal battle, higher costs, and leave the other spouse at an unfair disadvantage. If you believe your spouse is not being honest about the property they own, it is important to understand the tactics they may use to keep those facts concealed.
The Duty to Disclose Assets
In any Florida divorce, each spouse must disclose all property, including their assets and liabilities. Each spouse must provide a variety of supporting documents with their disclosure and these include:
- State and federal tax returns
- Pay stubs
- Bank statements
- Property deeds
- Retirement account statements
- Brokerage account statements
- Lease agreements
- Life insurance policies
- Loan records
- Stock and bond portfolios
Divorcing parties do not only have a duty to provide full financial disclosure by supplying the above documents, but they also have a duty to provide supplemental records if their financial situation changes.
How Do Divorcing Parties Hide Assets?
During a divorce, spouses sometimes try to conceal assets to reduce the overall amount subject to division. Understanding the signs to look for can help you determine if your spouse is hiding assets. The most common signs include:
- Denying that a specific asset exists,
- Creating a fraudulent debt and paying it in full,
- Fraudulently transferring an asset to a third party,
- Transferring property to an off-shore account,
- Keeping assets in a safety deposit box,
- Creating fraudulent business losses and expenses, and
- Receiving and concealing unreported income.
If you believe your spouse is hiding assets during your divorce, you may think it is impossible to locate them. Fortunately, that is not true. There are many ways that hidden assets can be discovered, although finding them can be costly. You will have to determine if it is worth it to go after them, if you spend more finding them, then you would receive.
What to Do if You Suspect Your Spouse is Hiding Substantial Assets
Hidden assets often leave a paper trail. If you believe your spouse is hiding assets during your divorce, your lawyer can employ the help of a forensic accountant to discover the assets. He or she will analyze financial statements, tax returns, and other documents to identify any discrepancies or signs of overpayments which they may claim later. In addition, to do a lifestyle analysis comparing reported income to actual spending habits to identify discrepancies and We can subpoena bank, employers or other entities to provide financial information.
Furthermore, we can hire an investigator to search the public records to determine if there are any real estate, automobiles, or other registered property through the public database. Our attorney can initially identify when funds have been withdrawn from joint accounts and will then determine if it warrants a further investigation by hiring a forensic accountant. If it is found that your spouse is using deceptive tactics, we can also file an injunction with the court to prevent further concealment of assets.
Your spouse’s credit report can be analyzed for undisclosed credit accounts or loans that may be linked to hidden assets. Interrogatories and depositions can be requested so that he or she will have to answer questions under oath, as well as examining emails, social media activity, and online transactions for evidence of undisclosed assets.
In Summary: How Hidden Assets Are Discovered
- Forensic Accountants:
- Experts analyze financial records for inconsistencies, hidden transactions, or unusual activity.
- Subpoenas:
- Court orders compel banks, employers, or other entities to provide financial information.
- Public Records Searches:
- Tracing ownership of real estate, vehicles, or other registered property through public databases.
- Tax Returns:
- Reviewing tax documents for discrepancies or signs of overpayment.
- Lifestyle Analysis:
- Comparing reported income to actual spending habits to identify discrepancies.
- Credit Reports:
- Revealing undisclosed credit accounts or loans that may be linked to hidden assets.
- Discovery Process in Court:
- Legal tools, such as interrogatories and depositions, compel individuals to disclose assets under oath.
- Digital Trails:
- Examining emails, social media activity, and online transactions for evidence of undisclosed assets.
If the court finds that your spouse is intentionally hiding assets, they may find them in contempt of court. This charge can result in fines and even imprisonment. If your spouse lied under oath, they may also be charged with perjury.
Our Asset and Debt Divorce Attorneys in Tampa Can Discover Hidden Property
At All Family Law Group, P.A., our Tampa asset and debt attorneys and divorce attorneys have extensive experience in contested divorce matters and will put that expertise to work for you so you obtain the most favorable outcome. Call us now at 813-672-1900 or contact us online to schedule a free consultation to discuss the circumstances of your case. Se habla Español.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
