Going through a divorce can be emotionally and financially difficult. At Cooper Levenson, P.A., we know that when people in New Jersey attempt to hide assets, it can make the process even more stressful. If you suspect your spouse is concealing property or money, we can expose the behavior and ensure you receive what you are entitled to.
A report from Forbes magazine points out that there are a number of ways someone will hide assets during a divorce, such as the following:
- Underreport income or delay commissions and bonuses
- Overpay creditors or even the IRS believing that he or she will get a refund after the divorce is final
- Create a bank account in a child’s name
- Invent debt, such as claiming to owe friends or relatives money
There are several warning signs that could alert you to the fact that something is amiss. As another report from Forbes notes, if you notice that statements on your financial accounts are no longer coming to your home or email address, it could be that your spouse has something to hide. Additionally, if your spouse owns a business and stops taking on new clients but is hiring new employees, it could be an attempt to undervalue the company.
There are steps you can take to uncover these assets. A forensic accountant can look over tax documents and other statements to look for missing money or assets. The Association of Divorce Financial Planners reports that the investigator will ask you for names, addresses and other vital information of both your spouse and any relatives or friends who may be connected to the behavior.
For more information, please visit our page on how property is divided during a divorce.