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Hidden assets can leave you short-changed post-divorce

On Behalf of | Feb 24, 2021 | Divorce

Divorce is a major financial transaction. Under New Jersey law, you aren’t necessarily entitled to half of the marital estate, either. This is because New Jersey recognizes equitable distribution, which means that marital assets are to be divided fairly. As a result, you should be prepared to argue why you’re entitled to certain assets and your fair share of marital assets. That process all starts with identifying which assets are deemed marital assets and therefore subject to the property division process.

The dangers of hidden assets

That task might sound easy enough, but the truth of the matter is that far too often spouse’s who are heading toward divorce try to hide assets to prevent them from being subjected to property division. In some instances spouses stash money in newly formed bank accounts that aren’t disclosed during the divorce process. In other cases spouses retitle vehicles, homes, and other property into the names of family and friends with the intent of retaining the use of that property. Some spouses even hide cash where they think their other spouse won’t find it.

Consider using a forensic accountant

If your spouse hides assets unbeknownst to you, then you lose out on some of the financial stability that you’re owed. This is unfair, unacceptable, and illegal. That’s why if you suspect that your spouse is hiding assets then you might want to work with a forensic accountant. These financial experts can conduct a detailed analysis of financial records to identify red flags and follow them to hidden assets. These experts can then serve as witnesses at your divorce trial, should your case get that far, and provide compelling testimony in your favor.

Protect yourself in your high-asset divorce

There’s a lot at stake in a high-asset divorce. Taking a haphazard approach to your marriage dissolution could therefore result in unwanted consequences that have long-term ramifications. That’s why if you’re headed toward divorce you should develop the holistic legal strategy needed to protect your interests. To learn more about how to do that, consider reaching out to a legal professional of your choosing.