Divorce, property division and hidden assets

Divorce, property division and hidden assets

On behalf of Stange Law Firm, PC posted in Divorce/Separation on Friday, July 26, 2019.

Marriages should be built on trust. Yet, when some Midwesterners contemplate divorce, they begin to shroud themselves in lies. There are many reasons for this behavior. Shame can play a role in instances of infidelity, but oftentimes, these lies have financial motives. Those individuals who know the laws as they pertain to divorce may realize that marital assets will be subjected to property division; thus, they seek to hide assets in an attempt to keep them for themselves.

While this behavior is unethical and illegal, it is sometimes difficult to detect. Making matters worse is the fact that those who fail to identify hidden assets can be left without the financial resources they need and deserve post-divorce. This is why it is sometimes critical that those who are going through marriage dissolution work with a forensic accountant.

A forensic accountant is a financial expert who knows how to look behind the numbers to identify behaviors that are consistent with the hiding of assets. Once red flags are identified, a forensic accountant can follow money to discover where it truly went. They may find money shifted to business accounts or accounts that are held out of state or overseas, or they may find withdrawals from accounts that are indicative of cash hoarding. Once identified, a party can address these assets in court.

Getting divorced is no easy task. It takes tenacity to see it all the way through, but it also requires thoroughness and a willingness to delve deep into financial matters to ensure that any property division issues are settled fairly. To best ensure that one’s interests are as fully protected as possible, those dealing with divorce legal issues should consider working with an attorney who is experienced in this area of the law.

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