Signs of Hidden Assets and Assessing Records
One aspect of a divorce that requires careful attention is the division of assets. Sometimes assets are hidden from view, leading to unfair divorce agreements. Unearthing all marital assets and debts is essential to complete an equitable distribution process.
A West Palm Beach family attorney can help you uncover hidden assets. Experienced lawyers are skilled in financial forensic analysis and have the expertise to identify red flags in financial records. When more professional support is needed, your lawyer can bring in forensic accountants to trace hidden assets and assign them a value.
Fully Review Financial Records
Thoroughly analyzing financial records is essential, doing so can uncover hidden assets during divorce proceedings. Financial records such as bank statements, tax returns, property deeds, business records, and investment portfolios provide a clear picture of the financial situation. Examining records for irregularities, undisclosed accounts, or odd transactions, can bring hidden assets to light.
Some hidden asset indicators a professional will review:
- Undervalued assets. One way wealth is shielded is when assets are not valued correctly. When real estate, business interests, or valuable personal items are undervalued it can reduce a person’s perceived net worth.
- Complex financial transactions. Unexplained transfers of funds or complex financial transactions may signal an attempt to hide assets.
- Odd payments. Accelerated payments to family members or friends could be a strategy to conceal assets. Funds could be disguised as loans.
- Overstating liabilities. Exaggerating liabilities or inventing debts could be a way that a spouse attempts to offset the value of assets, making it appear as if there is less to distribute.
- Cash expenses. If one spouse begins to make large cash payments without clear documentation, it may indicate an effort to conceal assets.
- Hidden streams of income. Concealing income through side businesses, underreporting earnings, or delaying bonuses are also common methods to hide assets.
In order to discover these indicators, lawyers and other professionals will analyze bank statements, look over tax returns, and check property records. When a marriage involves business ownership and investment portfolios, profit and loss statements as well as stocks, bonds, or other securities will be assessed.
Role of a Divorce Lawyer
In addition to their analytical skills, divorce lawyers can employ legal strategies such as subpoenas and depositions to gather information that may not be readily available. They act as advocates for their clients, ensuring a fair and equitable distribution of assets based on the accurate financial disclosure of both parties.
With the assistance of a knowledgeable West Palm Beach family attorney on your side, you can navigate the complexities of financial disclosure, uncover concealed assets, and achieve a fair resolution to protect your financial interests.
Could a legal professional support your needs as you move through the asset division process? Divorce can be a challenging process, but when you have the knowledgeable attorneys at Bruce S. Rosenwater & Associates on your side thoroughly reviewing financial records, it can ensure you experience an equitable distribution and have the resources you need to move into the next chapter of your life. Schedule your free initial consultation today.
