HIDDEN ASSETS CAN IMPEDE FAIR PROPERTY DIVISION PROCESS
On behalf of Victoria S. Linder Law Office posted in Property Divisionon Wednesday, July 11, 2018.
Deciding to divorce is an intensely personal choice that often has long-lasting emotional and financial repercussions. Most California spouses understand that it's not something to enter into lightly. Once the decision is made, however, other issues become priority, such as those relating to child custody or property division.
Regarding the latter, serious complications can arise if a spouse tries to hide assetsto keep them from being subject to division. This is not only mean-spirited (and often an act of revenge) but also illegal. Anyone who suspects that his or her soon-to-be former spouse is trying to keep him or her from what is rightfully owned will want to gather as much evidence as possible to substantiate his or her allegations.
A spouse can begin to investigate a possible hidden asset situation by asking the other party questions. If he or she becomes unnaturally defensive or provides vague answers to specific questions, further investigation may be warranted. Some spouses have discovered hidden asset problems when they tried to access online bank accounts or other secure records online to which they normally had access, only to find that their spouses had changed all the passwords.
Other signs of hidden assets include purchases of luxury items, spending the same amount of money while claiming income reduction or bank withdrawals from joint accounts that weren't known to both parties. Every state, including California, has its own property division laws in divorce; hiding assets is illegal in all 50 states. An experienced family law attorney can provide support to anyone facing a hidden asset problem.


