It seems that there are very few marriages in which both spouses are fully aware of what assets they share. It is not uncommon for one spouse to shoulder the responsibility when it comes to managing finances. While sitting back and letting one’s spouse handle everything when it comes to assets and property may work during the marriage, it can create a lot of issues if a couple chooses to divorce — especially in a high asset divorce case. In order to ensure a fair division of property, couples in Pennsylvania who are dissolving their marriages will want to make sure all assets are properly accounted for before signing off on property division settlements.
When going through the divorce process, both parties are to make a list of all shared property for review. If one feels that something is not right with this list, he or she has the ability to share any concerns and investigate the matter. This is something that, unfortunately, happens quite frequently when one spouse tries to hide assets in order to keep them for him or herself.
Uncovering assets is not always the easiest thing to do as many people are unsure of where to start looking. The are multiple ways in which one’s spouse can try to hide assets. Some of these include:
- Selling property for cash
- Paying phony debts to friends or family
- Paying nonexistent employees
- Delaying business contract signings
- Failing to report income
When hidden assets are an issue in a high asset divorce case, taking the time to find them can prolong the dissolution process. While this is not something anyone wants to do, failing to uncover unreported assets means that one will walk away from the marriage with less that he or she is due. An experienced family law attorney, with the assistance of other professionals, can assist those in Pennsylvania who are dealing with hidden assets in their divorce cases. With help, it is possible to make sure all assets are accounted for so that a fair and balanced division of property can be achieved.
Source: wife.org, “Where to Search for Hidden Assets During Divorce“, Candace Bahr, Accessed on Feb. 25, 2017