Protecting Your Rights & Advocating For Your Interests
In any divorce, and especially in one that involves significant income and assets, it’s crucial to get a full financial picture of you and your spouse’s assets before you sign the final Separation Agreement. This may involve taking extra steps to uncover anything that your spouse might attempt to hide.
Unfortunately, some spouses try to conceal money, valuables, and other property during a divorce in an effort to minimize the amount of assets that will be divided and therefore given to the other spouse. If you don’t discover these assets until after your divorce is finalized, you might permanently lose out on what you’re owed.
If you are in the midst of a divorce proceeding, or you are considering filing for divorce, the Denver family law firm of Halligan LLC is here to help. We understand how sensitive these types of divorces are, and we have the specific experience and resources to handle even the toughest cases with skill and discretion.
Get the help you need right away by contacting the award-winning divorce firm of Halligan LLC. Our knowledgeable attorneys are dedicated to helping you protect your finances, your family, and your future, while also giving you the personalized attention you deserve. To get started, call us today at (720) 608-2361, or reach us online.
How Do I Know If My Spouse Is Trying to Hide Their Assets?
Hiding assets can include behavior such as failing to report an asset, concealing property by giving it to someone else, or moving money from a family account to a company account.
If you suspect that your spouse might be trying to hide assets during (or prior to) your divorce or even if something just feels off, it’s essential to pay attention to your gut instinct and take some additional steps to see what you might uncover.
Some common signs you can watch out for that might indicate your spouse is trying to hide property include:
- You uncover cash hidden in your spouse’s office, the house, or another owned property.
- They pay substantially more taxes to the IRS than what they owe, possibly in order to get a refund after you separate.
- You’ve noticed valuables missing from the house.
- Their level of income doesn’t match up with the lifestyle they can afford.
- Your spouse has recently changed their behavior in significant or unexplained ways, such as suddenly needing to take an unusual number of work trips.
- You no longer receive mailed account statements for your banking or other financial accounts.
- Your spouse claims s/he didn’t get the annual bonus from work that they typically receive.
- Your spouse suddenly claims they owe someone money they must urgently repay.
- Friends have told you that your spouse gave them valuables, money, or other assets.
- Your spouse has names of employees on the payroll that you or other employees have never met.
- Your spouse combined their company’s finances with your family’s personal accounts.
- You’ve noticed that money has mysteriously gone missing from a joint account.
Where Should I Look for Hidden Property in a High Net Worth Divorce?
Some places you might look if you think your spouse is hiding property in a divorce include:
- Tax returns. Look at past tax returns, especially the sections on itemized deductions, dividends or interest from assets, business profits and losses, additional income, and capital losses or gains.
- Financial statements. Analyze all financial materials, such as credit card statements, investment records, bills, bank statements, invoices, expense reports, mortgage accounts, or documentation on owned businesses or properties. Pay attention to unexpected or significant withdrawals or deposits, as well as any time the cash flow doesn’t seem to make sense.
- Physical property. Make an inventory of property, such as antiques, cars, jewelry, precious metals, or artwork, and take note of any valuables you think might be missing.
Steps to Take If You Find Hidden Assets
If you discover assets that you think your spouse might be trying to hide in your divorce, it’s critical to contact an experienced divorce attorney immediately.
It’s possible that your spouse overlooked the property and wasn’t trying to hide anything. However, if they intentionally hid these assets, an experienced attorney can take the necessary steps to help protect your rights and help you achieve the best possible outcome for your case.
Hiding assets may cause the domestic court to rule against your spouse when deciding the terms of your divorce.
In addition, your attorney can help you retain a forensic accountant to help you get a full picture of your family’s finances and property. They have the knowledge necessary to know what to look for when reviewing accounts and other financial records.
Forensic experts will closely evaluate records, including tax returns, loan applications, ledgers of business transactions, stock transfer documents, and statements on personal savings and checking accounts.
These experts can help identify signs of possible hidden assets, such as the unexplained depreciation of property, sudden transfers, or unexpected tax write-offs. They can also investigate which kinds of assets your spouse might have concealed and where your spouse might have hidden this property.
Additionally, these specialists also have the skills to utilize other tactics, such as speaking with family and friends to help identify less obvious assets, including retirement assets, property with a much higher value than your spouse disclosed, inheritance, or deferred salary.
Get Help From a Denver Divorce Lawyer
Don’t wait a moment longer to stand up for your family and your future. Call the Denver divorce law firm of Halligan LLC right away to set up your confidential case evaluation. To get started, contact us today at (720) 608-2361 or fill out our quick online form.