In most Florida divorces, spouses are open and honest about the full scope of marital wealth. They share information about income, assets and debt, which is then used to structure an equitable and comprehensive property division settlement. In some cases, however, a Florida spouse may be faced with a set of unique challenges when it comes to hidden assets. In those instances, a property division lawyer and a financial advisor can work together to help a client achieve a fair division of wealth.
Divorce fraud can take a number of different forms. In many cases, dissipation of marital wealth is involved. This is the process through which one spouse intentionally spends marital assets for purposes that are unrelated to the marriage or family. That can occur through transferring small amounts of money to a secret account, or purchasing items of property that the other party is unaware of.
Dissipation of marital wealth can also occur when one party is spending marital assets to support or nurture an extramarital affair. Money spent to meet or travel with an extramarital partner falls under this category. So does money spent procuring gifts or services for that individual.
In cases where a Florida spouse suspects dissipation of marital wealth, the best course of action is to employ the services of professionals. A property division lawyer and a forensic accountant or financial advisor can work together to document all marital wealth properly. That can make it far easier to create a foundation of financial stability to support a spouse’s future as a single person.
Source: financial-planning.com, “Divorce: The ‘dark side’ of financial planning“, Maddy Perkins, Oct. 3, 2017