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Divorce: Searching for assets your spouse may have hidden

For most Americans, divorce tends to affect nearly every aspect of an individual’s finances. Fighting for a fair and equitable divorce settlement may be a relatively expensive process for some individuals. However, the structure of any given divorce settlement will almost certainly affect an individual’s financial stability and success well into the future. As a result, it is important to ensure that property division settlements are fair to both affected parties.

However, some individuals try to hide certain assets from the divorce process in order to shield themselves from having to share with their spouses. It is important to understand that regardless of motive, hiding assets from the divorce process is almost always illegal. In addition, if a court discovers that you have been hiding assets from the divorce process, you may face serious consequences.

If you believe that your spouse may be hiding assets from the court, it is important to alert your attorney to this fact. Your attorney can then help determine if your suspicions are correct. He or she may ask your spouse to produce financial statements and submit copies of various financial records. Your attorney may also choose to depose your spouse in an effort to get him or her to admit to hiding assets under oath.

Your attorney may take numerous steps on your behalf in order to bring hidden assets out into the open. And if assets are indeed hidden, you will almost certainly benefit from this information being brought to the attention of the court.

Source: Findlaw Law & Daily Life, “Legal How-To: Finding Assets in a Divorce Case,” Daniel Taylor, June 3, 2014

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