What Should I Do if I Suspect My Spouse is Hiding Assets?

Disclosing all assets completely and honestly is a legal requirement in divorce proceedings. If you suspect your spouse is concealing property or income, taking certain actions can protect your financial future and bring about a fairer property division.

Key Actions to Consider:

1. File a Temporary Restraining Order on Assets
2. Insist on Formal Discovery Procedures
3. Document Suspicious Financial Activities
4. Seek Help from Financial Experts
5. Work with an Experienced Divorce Attorney

Our team at López Law Office understands the stress and anxiety that can come from the financial division process, even without the prospect of hidden property. We can help you navigate property division and other financially related aspects of your divorce with clarity and compassion.

File a Temporary Restraining Order on Assets

A temporary restraining order serves as your first line of defense against asset concealment. This legal tool prevents your spouse from taking actions such as:

• Selling or transferring property
• Closing bank accounts
• Hiding business assets
• Disposing of valuable items

Filing a temporary restraining order early in the divorce process creates a legal barrier that helps protect marital assets from disappearing.

Insist on Formal Discovery Procedures

The discovery phase in divorce proceedings is crucial for uncovering hidden assets. Formal discovery includes several powerful components, including:

• Financial Document Requests: Ask for complete financial records, including bank statements, tax returns, and business documents.
• Subpoenas: Obtain records directly from banks, employers, and other financial institutions.
• Interrogatories: Submit written questions that your spouse must answer under oath.
• Depositions: Require your spouse to answer questions verbally under oath, which could reveal inconsistencies.

Document Suspicious Financial Activities

Keep detailed records of any unusual financial behavior. Watch for signs like:

• Sudden changes in spending patterns
• New business accounts or partnerships
• Unexplained cash withdrawals
• Delays in business deals or bonuses
• Transfers to friends or family members

Photographing documents and maintaining a timeline of suspicious activities can serve as helpful evidence if needed.

Seek Help from Financial Experts

Complex financial situations often require professional financial help. Forensic accountants can assist by:

• Tracking hidden assets
• Analyzing business valuations
• Identifying potential income manipulation
• Uncovering offshore accounts
• Calculating true net worth

These professionals can discover assets that legal teams might otherwise miss.

Work with an Experienced Divorce Attorney

An experienced divorce attorney can understand the tactics used to hide assets and know how to combat them effectively. They can:

• Guide you through the discovery process
• Identify potential issues in financial documents
• Coordinate with forensic accountants
• Ensure proper legal procedures are followed

Consequences of Hiding Assets

Spouses who are found to have concealed assets face serious legal and financial repercussions.

• Contempt of Court: Violating disclosure requirements can result in fines or imprisonment.
• Perjury Charges: Lying under oath about assets can lead to criminal charges.
• Adjusted Property Division: Hidden assets may be awarded in greater measure, or entirely, to the innocent spouse.
• Financial Sanctions: Courts may order the offending spouse to pay attorney fees, court costs, or punitive fines.

Protect Your Financial Future

Concealed assets can significantly impact the financial aspects of your divorce settlement. Taking proactive steps to uncover these properties can help you ensure you receive a fair share of the marital assets.

If you suspect your spouse is hiding assets, contact López Law Office. Our experienced Hendricks County divorce attorneys understand the complexities of property division in divorce and will fight to protect your interests. Schedule a consultation today to discuss your situation and learn how we can help you secure the fair settlement you deserve.