A divorce is often a life-changing event, in many ways. One of the most critical divorce-related matters is property distribution, wherein you and your spouse’s assets will be divided. Unfortunately, at times, spouses will try to conceal certain assets from the process in an effort to save money. That being said, this is both harmful to the other spouse and downright illegal. Please continue reading and speak with our experienced Los Angeles divorce attorneys to learn more about hidden assets & divorce in California and how we can assist you.
Hidden Assets & Divorce | What to do if You Suspect Your Spouse is Hiding Assets
If you believe your spouse is hiding assets, it is imperative that you and your attorney look into the matter as quickly as possible. It is always best to resolve this issue before a divorce is concluded. There are several ways in which a person may hide assets from a divorce, though some of the most common are as follows:
- Disregard certain bonuses or invoices until the divorce is finalized. People do this because the asset is not collected, they believe they can avoid entering it in the equitable distribution process. Doing so intentionally and for this purpose is illegal, however.
- Often, some spouses will try to hide their assets with a third party who they can trust. For example, if one spouse gives a friend or family member thousands of dollars out of nowhere to later receive after the divorce is final, this is considered hiding assets.
- In other cases, spouses will purposefully overpay the IRS one year in the hope that the IRS will simply allow them to use that money to pay next year’s taxes.
What happens when one spouse is caught hiding assets from a divorce?
If you can prove that your spouse was hiding certain assets from your divorce, your spouse will face a wide array of penalties. In most cases, proving as much will result in the judge placing fines or sanctions against your spouse. Further, this will also often result in you receiving a more favorable divorce settlement. Finally, if your spouse is proven to have lied about marital assets, he or she may face perjury charges. If you have any further questions or you believe your spouse is hiding assets from your divorce, please do not hesitate to give us a call today. We are here to help.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.