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How Spouses Try To Hide Assets

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One of the biggest issues in many Florida divorce cases involves the distribution of a couple’s wealth. Some spouses who do not wish for their significant other to walk away with a fair distribution of their marital estate will sometimes try to hide assets in order to have more after the divorce. Not only is this unethical, it is also illegal and if you suspect that your spouse is hiding assets, the experienced Boca Raton divorce lawyers at the Law Offices of David L. Hirschberg are here to help. Call the office or contact our office today to schedule an initial consultation of your case.

What Types of Assets are Hidden?

A spouse may try to hide all types of assets in a divorce, but some things are easier to hide than others. Assets that can be easily traced like bank accounts, real estate, and registered vehicles are less likely to be hidden, but assets that are harder to trace include the following:

  • Cash,
  • Precious metals (gold and silver),
  • Jewelry,
  • Art,
  • Unregistered collectibles, and
  • Negotiable instruments (bonds and securities)

How Spouses Try to Hide Assets

There are many ways that a spouse may try and hide assets before or during a divorce. If that spouse owns a business, they may try and hide assets by transferring them to the company or taking out assets to devalue the business in a divorce. A spouse may also make temporary gifts of assets to family members or friends with the intention of getting them back after the divorce or create fake debts and pay those debts off to fraudulently reduce their assets. They may also request that bonuses, raises, or commissions are delayed until after a divorce is finalized to avoid paying more in property distribution, spousal support, or child support.

Penalties for Hiding Assets

In Florida, spouses who are caught trying to hide assets in a divorce can face serious penalties. Depending on the severity of the situation, they may face civil or criminal contempt of court charges that can result in serious fines and jail time. If it involved lying about assets under oath, a spouse may also face serious perjury charges or fraud charges for concealing assets. Hiding assets may also result in the court allocating more marital assets in the other spouse’s favor in the divorce settlement, increasing spousal support, and increasing child support as well as awarding attorneys’ fees to the aggrieved spouse. Lastly, if a prenuptial or postnuptial agreement is involved, terms may be voided in order to ensure a more equitable outcome of the divorce.

Call or Contact Our Office Today

It is a serious issue if you suspect that your spouse is trying to hide assets in your divorce. Let the experienced and skilled Florida divorce attorneys at the Law Offices of David L. Hirschberg help uncover the truth and ensure that you walk away from your marriage with everything that you deserve. Call the office or contact us online to speak with a knowledgeable lawyer in our Boca Raton office about your case today.

Resource:

law.cornell.edu/wex/contempt_of_court

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