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The problem of hidden assets in divorce

On Behalf of | Apr 19, 2023 | Divorce, High Asset Divorce |

Nasty arguments are behind many divorces. What starts as a disagreement about spending might spill over into questions of honesty or competence. Some insecure people simply lie or manipulate their spouses to cover up their financial issues. In these cases, it should come as no surprise when the dishonesty carries on during the divorce process.

Disclosing assets

When a married couple divorces in Florida, they must divide their marital property according to state law. The process begins with the parties listing all their assets and debts. They can then divide any separate property from the marital property and begin the process of distributing the marital property between them.

Unfortunately, some people try to hide assets during divorce. This is not only dishonest and annoying, but it’s also illegal.

In some cases, people try to hide assets by simply failing to disclose them, or by refusing to disclose their true value. Some go to more elaborate lengths — for instance, they may open a bank account their spouse doesn’t know about, or they may temporarily give the assets to friends. In recent years, it has become increasingly common to find people trying to hide assets by using cryptocurrency.

Why it’s illegal

When the parties disclose their assets and debts, they do so in sworn affidavits. These are legal documents, and a person who lies on them commits perjury.

Another important point to understand is that the parties have a duty to disclose everything, whether the other spouse knows about it or not.

What can you do if you think your spouse is hiding things?

How can you know if your spouse is hiding assets, and what can you do about it?

It can be hard to know for sure, but sometimes one spouse knows the other is not being fully forthcoming about their finances. If this was a problem during the marriage, there’s a good chance it will be a problem during the divorce.

If you have reasons to suspect your spouse is trying to hide assets, you can talk to your lawyer about what you suspect and why you suspect it. For complex cases, you may benefit from the help of a forensic accountant or other professionals.


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