What Should I Do If My Spouse is Hiding Assets in Florida?
Property division is one of the most contentious terms in any divorce case. In Florida, all marital property is divided fairly, which does not always mean equally. Marital property refers to any assets or liabilities accumulated during the marriage by one or both spouses. Some spouses are so intent on keeping certain property that they hide it to shield it from the division process. This can make a divorce case much more challenging. Fortunately, there are ways to overcome these obstacles. Below, our Tampa asset and debt attorney explains four places to look for hidden assets.
Relatives and Friends
In some instances, a spouse may start giving away property to friends and relatives in order to protect it from the divorce process. A person may transfer investments, such as stocks, into the name of a relative or other family member who agrees to transfer it back once the divorce is finalized. These actions are illegal in Florida and your spouse can face serious consequences.
Opening New Accounts
A spouse may try to hide marital funds by opening a new bank account in someone else’s name. They may use the name of a new romantic partner, or in their child’s name. Accounts that are opened in the name of a relative are usually easier to discover than those opened in the name of someone who has no relation to the spouse.
Purchasing New Items
Another way spouses hide marital funds is to purchase real property in order to cover it up. For example, a spouse may take marital funds and purchase vehicles, jewelry, or items they use for a hobby in an effort to hide the value of the funds. These items may be of use to the spouse, or they may be planning to sell them once the divorce is finalized. If the other side does not know that these items exist, they can easily be overlooked.
Family Businesses
When a family business is involved in a divorce, a spouse may create fake contractors or employees so they can pay them wages. The checks they create to pay these fake wages are then canceled once the divorce is finalized.
How to Discover Hidden Assets
A spouse who hides assets creates many problems during the divorce process. The best way to discover hidden assets is to work with an investigator or a forensic accountant who will know where to look and study account statements, tax returns, and the cash flow of a business to determine if property or funds have been concealed.
Our Asset and Debt Attorneys in Tampa Can Help You Find Hidden Assets
At All Family Law Group, P.A., our Tampa asset and debt attorneys work with some of the best professionals in the business to help you discover hidden assets during divorce so you obtain the full and fair settlement you deserve. Call us now at 813-672-1900 or contact us online to schedule a free consultation and to get the legal help you need today.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
