As you know, the equitable distribution process is among the most complicated aspects of a divorce. However, there are times where spouses may hide assets from their spouses, which makes the process all the more complex. If you believe this is happening to you, it is critical that you retain the services of an experienced Los Angeles divorce attorney to learn more about uncovering hidden assets in divorce and how our firm can help. Here are some of the questions you may have about the legal process ahead:
What should I do if I suspect my spouse is hiding assets in our divorce?
Rather obviously, if, during the discovery process, you have a suspicion that your spouse is hiding certain assets from the equitable distribution process, it is critical that you take action as soon as possible. Failing to take action against your spouse to get to the bottom of the matter will result in you losing out on valuable assets that you may very well be entitled to. For this reason, it is critical that you pay attention to some red flags that may indicate your spouse is hiding assets:
- Overpaying the IRS. Spouses will sometimes overpay the IRS, draining assets from their marital account and then use those assets to pay taxes the following year.
- In other cases, spouses will attempt to hide their assets with a third party, such as a friend or family member that they trust. Rather obviously, this is extremely sneaky, and if you can prove this is the case, your spouse may face serious penalties as a result.
- Finally, spouses will often neglect collecting bonuses or invoices. By not collecting these payments, they believe that it will be kept exempt from marital property.
These are not the only ways spouses will try and conceal assets, so if your spouse has taken any other actions that you believe are to hide assets, you must notify your attorney immediately.
What are the penalties for hiding assets in a divorce?
As you can imagine, there are several legal penalties for hiding assets from the discovery process. To start, if you can uncover hidden assets and prove that your spouse was hiding them, there is a very good chance that a judge will impose sanctions or fines against your spouse. Additionally, proving your spouse was acting unlawfully and dishonestly will most likely help you receive a far more favorable outcome in terms of marital assets. Finally, since, in most cases, documentation and testimony are provided under oath, which means that if your spouse is found to have lied about marital assets, he or she may be charged with perjury–a federal crime.
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.