Most married people trust their spouses implicitly and believe that they know everything that there is to know about their partners. When it comes to the financial, property, and asset-based wealth that they share, Connecticut residents may expect that their spouses have adequately informed them about what they own and what assets and items they hold as married people. Sadly, this is not always the case, particularly when couples enjoy extensive wealth from high asset careers and investments.
What are hidden assets?
When a high asset couple divorces, the problem of hidden assets may occur. Hidden assets are assets that one partner to an ending marriage attempts to conceal from their divorce proceedings as to enjoy it or the benefits of it on their own after their marriage is over. For example, a person may fail to disclose a work-based investment account that they technically share with their spouse. By failing to disclose it during their divorce, the couple’s divorce court may not consider it in the property division process and may not assign it to one of the parties upon the completion of the divorce.
Uncovering hidden assets can be a forensic process that not all attorneys are equipped to take on or manage. It is important that when a person fears their spouse may be hiding assets in a high asset divorce that they consult with legal professionals who are prepared to investigate their concerns to protect their financial and legal rights.
Ways to avoid the problem of hidden assets
This post does not provide any legal advice and readers are reminded not to rely on this post as specific guidance. A high asset divorce attorney can help an individual with their unique case. These suggestions are several ways that attorneys may approach the potential problem of hidden assets in their cases.
One way that hidden assets may be discovered during a divorce is through the creation of a comprehensive inventory of personal, real, and intangible property. The parties to a divorce must disclose their assets, including but not limited to their homes and real estate holdings, personal property like jewelry and cars, and their investments, bank accounts, and other financial devices. From the generated lists of assets, parties may be able to identify holes in their spouses’ disclosures and raise questions about missing information.
Another option that individuals may pursue if they are concerned about hidden assets is ask about them through discovery. During discovery, a party and their lawyer can ask questions, request documents, and investigate other forms of evidence to find out more about opposing party’s case and claims. Discovery can be a good tool to find hidden assets during a divorce case.
There is no foolproof way for a party to prevent their spouse from attempting to hide assets during their divorce. A trusted attorney can be an incredible help to someone facing these and other hardships on their road to ending their marriage.