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Property division lawyer can help uncover hidden assets

by | Nov 1, 2018 | Property Division

Florida governs its property division proceedings regarding divorces under equitable distribution laws. This means that when the court divides marital assets, the split is not necessarily going to be 50/50 but is intended to be fair. One can’t really expect a fair outcome if a spouse is hiding assets in order to gain the upper hand in the property division process; however, a property division lawyer can help nip a hidden asset problem in the bud.

Uncovering a hidden asset problem is often easier said than done because many spouses know how to use secretive schemes to carry out their deeds. Then again, sometimes things can be concealed in plain sight, so to speak. For this reason, a spouse who suspects a problem may want to begin an investigation of the matter by searching through drawers, closets and other areas of the home for hidden money.

Overpaying taxes and asking an employer to defer compensation are two of the other most common means for trying to hoard property in divorce. In addition to overpaying taxes, asset-hiding spouses often overpay their credit card balances as well. Another red flag would be if money is withdrawn from a jointly owned bank account without one spouse’s knowledge.

Suspicious behavior can be questioned in a Florida divorce. Full disclosure and transparency is required when listing assets for property division. Not only is stashing cash or hiding marital property an underhanded and mean thing to do; it is also illegal. An experienced property division lawyer can help protect the interests of any spouse who is trying to resolve a hidden asset problem.

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