What are the Signs of Hidden Assets in A Florida Divorce?

Tampa asset and debt divorce attorneys and law firm

Divorce is not only very emotional, but it also involves a complicated legal process. When one spouse is suspected of hiding assets, it becomes even more complex. Concealing assets is often a strategy used to avoid the equitable, or fair, distribution of property during divorce. If you are going through a divorce, it is critical that you understand the signs your spouse is hiding assets, and how a Tampa asset and debt division divorce attorney can help you discover them.

What are Marital Assets in Divorce?

Marital assets refer to any property you and your spouse or either one of you acquired during the marriage. This is the only property that is divided during divorce. There are many common types of marital property including:

Real estate such as rental properties, land, and your home,
Personal property, such as collectibles, furniture, jewelry, and vehicles,
Financial accounts including retirement funds, savings and checking accounts, mutual funds, bonds, and stocks,
Ownership stakes in partnerships or businesses, and
Intellectual property including copyrights, trademarks, and patents.

Understanding the Signs of Hidden Assets in Divorce

Hiding assets is not only unethical, it is also against the law. Some of the most common signs that your spouse may be hiding assets are as follows:

Sudden changes in their finances such as transfers from joint accounts or unexplained withdrawals,
Unusual business activities, including the creation of new accounts, new expenses, or significant changes in a business’ income,
Maintaining a lifestyle that does not align with reported income,
Evasion or secrecy, such as refusing to discuss financial issues or withholding financial information, and
Undisclosed or undervalued property such as failing to disclose certain property or reporting lower values for certain assets.

How Can a Tampa Asset and Debt Divorce Attorney Help?

If you believe that your spouse is concealing assets, it is critical that you speak to a Tampa asset and debt divorce attorney. An experienced attorney can provide the support you need in many ways, including:

Discovery: Discovery is a legal process your lawyer will use to request financial records, documents, and other information from your spouse. This can include subpoenas for tax returns, bank statements, and business records if he or she does not provide them voluntarily.
Forensic accountants: Forensic accountants specialize in finding financial discrepancies and concealed assets. A forensic accountant can identify irregularities and analyze and trace transactions and financial documents.
Depositions: Your lawyer can conduct a deposition, which takes the sworn testimony of your spouse and witnesses outside of the courtroom. Your lawyer will then ask your spouse questions under oath, which can increase the chance of honest disclosures.
Negotiations: Our lawyers are experienced negotiators who can negotiate for the fair settlement you deserve. Attorneys can use evidence of concealed assets to negotiate better terms for you.

Our Asset and Debt Divorce Attorneys in Tampa Can Find Hidden Assets

At All Family Law Group, P.A., our Tampa asset and debt attorneys can help you locate hidden property during the divorce process so you obtain the full and fair settlement you deserve. Call us today at 813-672-1900 or contact us online to schedule a free consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html