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Hidden assets can negatively impact property division

| Dec 27, 2019 | Firm News

When you go through a divorce, your financial interests are at stake. You understand that it is important to secure terms that allow you to have a strong and prosperous future, and this is contingent on a reasonable property division order. However, it’s difficult to get a fair division of marital property if your spouse is trying to hide assets.

Hidden assets can make the property division process remarkably complicated. You cannot get a fair share of assets if you cannot account for them. If you suspect that your spouse is acting unfairly and not disclosing important information, there are certain steps you can take to protect your long-term interests. When it’s your future on the line, you don’t have to fight back alone.

Ways to hide assets

There are many ways to hide marital assets. You may not even be sure that this is happening, especially if you did not directly handle finances over the course of your marriage. Your spouse can try and hide money and valuable property in various ways, but some of the most common ways that this happens include:

  • Your spouse may declare that the asset does not exist in the first place.
  • Your spouse may try and transfer the asset to someone else or sell it for a low price to a friend to hold for him or her until the divorce is final.
  • Your spouse may create false debt in order to make his or her financial situation seem worse than it is.
  • Your spouse may claim to lose an asset at some point, and he or she cannot account for it.

These are a few ways that a person can try and unfairly rig the property division process during a divorce. You deserve an equitable share of marital property, and the terms of this agreement will affect your financial standing for years to come. It is critical to locate all assets and know exactly what your rights are.

What can you do?

There are certain steps you can take if you suspect hidden assets. One of the most important is to seek the guidance of an Indiana family law attorney who can help you play this high-stakes game of hide-and-seek. An assessment of your case can help you understand your legal options and what steps are appropriate if you believe there are still assets to find.