Divorcing People Should Be Concerned About Hidden Assets in New York

Hidden assets are a serious issue as they can greatly affect the balance of power in a divorce case.

New York, NY – The longest and most time-consuming phase of a divorce tends to be the division of property. A judge will have to review all property and assets owned by each member of the couple as well as jointly held property, then decide what will happen to each item. This creates an obvious incentive for one or both members of the couple to try and hide certain things so that they can keep the property unaffected by this process. This is especially true in marriages that have spanned several years or decades, or in cases where the couple has a high net worth.

An overview of how hidden asset issues work is useful for anyone going through a divorce. Personalized legal advice is also recommended for those who believe they are facing this type of problem.

financial informations

As a threshold question, divorce require complete financial information for property division. This includes all sources of income, all real estate interests, investments, trusts and various other assets, no matter where or how they are held. Spouses who attempt to withhold or hide information about their financial situation may face consequences from the courts, but there must be proof or evidence that a spouse has hidden assets before action can be taken. It can be difficult for a spouse to know that hidden assets are a problem without first talking to a professional who works in this area.

Concerns about hidden assets

Hidden assets are a serious issue because they can greatly affect the balance of power in a divorce case, as well as the final outcome as summarized in a settlement or executive order. Things like alimony, child support, and the spouse’s financial situation after the marriage ends are all at issue. These amounts can be significantly reduced if a spouse has significant financial interests held in accounts overseas or in other regions where they are not likely to be found without a formal investigation of hidden assets. Some cases even include fake financial and bank statements in an attempt to get rid of the other spouse or the courts. During the stressful period of the end of a marriage, the spouse who is likely to be affected by hidden possessions may not be in the frame of mind to think about these matters on their own.

More information on estate searches and divorces

There are attorneys in the New York area who focus on asset searches, hidden assets and all related issues for local customers. Fred L. Abrams, attorney, is available to provide advice to anyone in need of this type of assistance. www.assetsearchblog.com