It’s common to have concerns about financial honesty in divorce cases. At West Family Law Group, we often deal with suspicions that a spouse is hiding assets or income.
In order to have an “equitable distribution” it is essential to have an accurate inventory of all assets. While it may not be necessary in every case to have a forensic professional on the team, having an attorney who has the experience to know when one is necessary is essential.
Divorce often brings concerns about honesty and transparency, especially regarding finances. A question that surfaces regularly in initial consultations at West Family Law Group is the suspicion of a spouse concealing funds. If you suspect concealed assets, consult with us for guidance and reassurance
Assessing the Likelihood of Concealed Assets
Not every divorce will necessitate a deep financial investigation. For salaried employees, even highly compensated executives, hiding money is challenging due to the trails left by electronic and bank records. It’s a different ballgame, however, for those in cash businesses or owning small private companies. Cash transactions leave minimal traces, complicating the detection of hidden assets. For spouses who own businesses, the concealment may not be in tangible assets but through obfuscated income streams. Expenses paid through the business reduce reported income, affecting support payments and business valuation
The Role of Forensic Professionals
In cases where hidden assets or income are legitimate concerns, West Family Law Group doesn’t operate in isolation. We collaborate with the best and most experienced forensic professionals, using their knowledge to trace and evaluate hidden funds and income
When Is a Financial Investigation Justified?
Deciding when to initiate a financial investigation in a divorce can be as strategic as it is sensitive. The stakes are high, and the implications can be profound.
Deciding to pursue a thorough financial investigation is not a step to be taken lightly. It requires weighing the potential benefits against the emotional and financial costs. If the scales tip in favor of uncovering hidden assets or revealing financial truths, the results can justify the means, providing peace of mind and financial security for the future. If you suspect that your case may benefit from a financial investigation, consulting with us is crucial
What If You’re Right?
If your suspicions about concealed assets are proven correct, the implications can be significant and multifaceted. Here are the critical implications:
- Revised Asset Division: Unearthing additional assets may mean you are entitled to a more significant portion of the marital estate than initially thought. This could mean reassessing property and asset division, leading to a more favorable outcome for you.
- Increased Alimony: If hidden assets suggest a higher level of income, it will impact spousal support calculations, potentially increasing the amount of alimony awarded.
- Adjustment of Child Support: Similarly, child support payments could be adjusted if the discovery of hidden income indicates that the paying spouse has more significant financial resources.
- Legal Consequences for Dishonesty: The spouse who hid assets may face legal penalties for their lack of transparency. This could include fines, a more disadvantageous property division, or, in extreme cases, criminal charges for fraud.
- Stronger Negotiation Leverage: Knowledge of these assets can strengthen your position in divorce negotiations, potentially leading to a more expedient and favorable settlement.
- Moral and Ethical Satisfaction: Proving that assets were hidden can provide a sense of justice and vindication, especially if you felt taken advantage of.
- Possible Reopening of Divorce Decree: If the divorce is already finalized when the assets are found, it may be possible to reopen the case to address the fraudulent concealment.
- Impact on Financial Planning: Uncovered assets may alter your financial planning post-divorce, affecting everything from your budget to your retirement planning.
- Cost-Benefit Analysis of the Investigation: While investigating hidden assets might be costly, the benefits gained from uncovering significant assets can outweigh these costs. An experienced family lawyer is essential to make this call.
- Damages for Fraud: In some cases, you may be entitled to damages if the attempt to hide assets was particularly egregious, compensating you for the additional legal and investigative costs.
- Trust and Future Interactions: If you have children together or must continue interacting post-divorce, the revelation of dishonesty can severely impact the nature of your future relationship and co-parenting dynamic.
Consult With West Family Law Group
Are you concerned about the possibility of hidden assets or income in your divorce? Don’t let uncertainty dictate your future. Contact us or call us at 407.425.8878 today for a consultation.
Our experienced attorneys, backed by forensic financial professionals, will help you uncover the truth and ensure your settlement reflects the true financial picture.
