Financial issues such as alimony, spousal support, child support or even just the division of property are some of the most contentious aspects of a divorce. Many people attempt to use the legal proceedings during this time to “punish” or hurt their soon-to-be ex, including by attempting to hide assets so that they are not considered part of any kind of financial support order or the divorce settlement.
Often hidden assets are in the form of physical property. A car, boat or recreational vehicle you didn’t know about or even another house in your ex’s name that was bought during the marriage or rental properties are just some possibilities. Personal or business bank accounts are also common, as some people misunderstand and believe that if they have a personal bank account in their name only, it is considered personal property even if it was opened during the marriage.
While it can be more difficult, it is also possible for someone to hide or misrepresent their income. For instance, if you own a business and your spouse was responsible for all of the financial dealings, you may think that the business made a profit of $50,000 a year when really the actual profits totaled closer to $100,000. This can make a big difference in the amount of alimony or child support awarded, which is why it is crucial to do everything in your power to discover any hidden assets or income streams before the divorce is finalized.
At Scott M. Brown & Associates, we understand that this is a stressful time, and that’s why we put our resources to work for you to study your financial documents and seek any discrepancies that may indicate hidden assets.