Going through a divorce can be one of the most difficult things to undergo in life. Even an uncontentious divorce is a complicated, time-consuming process. A contentious divorce can be even more difficult especially if your spouse is attempting to hide assets from the division of asset process. If the numbers don’t seem to be adding up, here are three common ways assets get hidden in a divorce, and how to potentially find them.
Linden NJ Lawyers Discuss – Hiding Assets with a Third Party
It is possible that your spouse is hiding assets or money through a third party. The third party is often a trusted sibling, or a new girlfriend or boyfriend. Your spouse may be depositing money into an account under the third party’s name, or possibly transferring stocks, bonds and other investments to this third party or into a “dummy” account. Additionally, if the marital property includes tangible assets such as jewelry or valuable artwork, it is possible for these items to be given to a third party until the divorce process has finished.
Hiring an experienced divorce attorney is an important step in determining if and where assets have been hidden. Divorce lawyers will often consult with professionals such as accountants and private investigators in order to track down hidden assets that should rightly be part of the marital property.
Union Lawyers Discuss – Overpaying the IRS
Another method to hide marital assets during a divorce is by overpaying the year’s taxes. That is, the IRS can be instructed to use the year’s tax refund to be used towards paying taxes the following year (after the divorce is over). The result is an even larger tax refund, which will be sent to your spouse, the following year, without you ever realizing it had happened.
Craford Lawyers Discuss – Delaying Invoices and Raises
Another commonly used method to hide assets during a divorce is to delay sending invoices to clients until after the divorce has finalized. If your spouse has their own business, they may purposely refrain from billing customers or clients in order to keep these earnings from appearing in accounts which may be subject to division in the divorce.
Conversely, if your spouse is an employee, they may request that their year’s raises and or bonuses be delayed until after the divorce is resolved. This tactic will again keep money out of accounts which are subject to division.
How do you combat these tactics in your Westfield NJ Divorce?
The best way to stop your spouse from hiding assets is to consult with an experienced divorce attorney. They in turn should be able to put you in contact with different forensic accounting experts, someone with whom your attorney has previously worked with and knows to be reliable and effective.
It is also important to inform yourself of you and your spouse’s finances. Learn as much as you can about what kind of assets the marriage has, where they are kept, and how they function. The more you know about you and your family’s income, expenses, accounts, and debt, the better you can assist your attorney when it comes time to divide marital property.
Contact an Experienced Union County NJ Divorce Attorney
Hiding money and assets during a divorce is illegal, but sadly is common and easily accomplished given some financial knowledge and motivation. It is important that you educate yourself, and hire trusted professionals to assist you in your divorce process. For nearly 25 years, attorney Edward S. Cooper has helped families through every step of their divorce and family law matters. Enlisting his services means that you can count on the open-ended communication and personalized service that he never fails to provide . To discuss your situation, contact him online or in his Linden NJ office at 908-481-4625.