Assistance When Spouses Hide Property
While divorce is rarely an easy process, it can be much more difficult for couples who have a substantial marital estate. Marital assets come in many different forms, and can be much more valuable than initially contemplated. The marital estate may contain substantial business holdings and potential ventures, real property, cash, securities, deferred compensation, pensions and other retirement accounts, debt instruments, etc. Occasionally, some spouses like to play dirty and attempt to diminish or hide portions of the marital estate.
At Kristopher K. Greenwood & Associates, our experienced attorneys handle complex and contentious divorce cases. We know all too well the various tactics that certain individuals use to prevent a spouse from receiving his or her full legal share. In cases like this we use a team of experienced professionals to uncover the entire marital assets, calculate its true value and then get our clients their fair share. We are dedicated to our clients and extremely passionate about helping them get what they deserve!
Common Concealment Methods
Although it may seem like an unlikely occurrence, the hiding of marital assets occurs more often than you may think. Common concealment methods include:
- Custodial accounts: Unidentified custodial accounts can be established using a child’s Social Security number, to which money will then be diverted without your knowledge.
- Underreporting of income: Your spouse may also make false reports on P&Ls and event to financial authorities regarding the amount of his or her income.
- Purchase of high value items: High value purchases, such as antiques, art or other collector’s items, are often used to conceal assets. This is especially true of purchases that seem out of the ordinary or sudden.
- Business failure: Claims that the business is struggling financially can be a red flag. Additionally, the transference or sale of business assets to your spouse’s friends or family could indicate he or she is trying to prevent those assets from being included in the division process.
- Diversion of funds: This can come in a myriad of different ways. We have seen everything from increasing family expenses (while using those funds to pay for friends and family members, while getting cash back from them) to depositing funds into different accounts and even skimming cash off of the deposits.
While it may be disheartening to learn of marital deceit, our knowledgeable legal team will undertake a comprehensive review of your spouse’s financial history to pinpoint any unreported assets. Once all items are accounted for, we will aggressively determine their correct value. We then jump into action to ensure that you obtain your full legal share of the marital assets.
Experience You Can Count On
It is important to choose lawyers with experience you can count on. Contact Kristopher K. Greenwood & Associates today to learn more about your rights in family law matters. You can make use of our convenient online contact form or call us at (801) 475-8800 to set up your free initial consultation.