The financial aspects of a Florida divorce can be complex, convoluted, and challenging. Individuals who choose to pursue a divorce may wish to seek legal support so they are not disadvantaged when it comes to negotiating the settlement of their property, finances, and other assets. Professionals who work with high asset divorce clients can also help them find out if their clients’ spouses have attempted to hide assets during their marital dissolutions.
Hidden assets are assets that may be divisible during a divorce but one of the parties has attempted to conceal them. When an asset is hidden, it may not be recognized as part of the marital estate and, therefore, the division of property may result in a smaller distribution for the party who has not concealed property from the other.
Finding hidden assets can take some know-how and detective work because they can be hidden in many different financial devices and accounts. For example, the overpayment of money to the IRS as one’s tax obligation may serve to hide assets if a person does not file their tax returns and receives a refund; the money effectively sits with the government and is not visible as a pending return to the person who wishes to hide it.
It often takes the careful analysis of financial documents, statements, and other evidence to identify hidden assets. When they are located, the inclusion of hidden assets in a divorce estate can drastically change the way the parties’ property is distributed and the amount of assets with which they emerge from their marriage. More information and answers regarding hidden divorce assets may be obtained through consultation with a divorce attorney.