It’s true that many people want to amass and keep as much as possible for themselves during their lifetimes. But that doesn’t bode well when California couples are divorcing when one spouse has made the decision to hide assets from the other. In a divorce situation, all assets should be on the table, so what’s one person to do if he or she suspects the other of hiding assets?
Having a handle on how assets might be hidden is the first step to uncovering them. Experts believe there are four ways of hiding assets. The first way is to deny their existence altogether, while the second is having them transferred to a third party. The last two ways are asserting that the asset was lost or creating false debt.
Hidden assets could be found by poring over old tax returns, but that could still prove difficult. It’s also wise to check places documents may be stored such as safes and safety deposit boxes. Especially during a high asset divorce, it may be a good move to get the help of experts experienced in unearthing buried assets – such as a forensic accountant and a lawyer.
Former partners must divide their assets equally in a divorce. California residents who suspect assets may be hidden may find the needed help by consulting with an experienced attorney who knows where and how assets can be hidden, how they can be found and how to best address the issue during court proceedings. A lawyer understands the complexity of the division of assets and tracking down those that may be undercover.