Property division becomes more complicated as the marital estate increases in overall size and complexity. Spouses facing a high-asset divorce after a marriage with a relatively comfortable standard of living have more reason to worry about financial misconduct during the divorce than those facing divorce with minimal resources.
Larger marital estates make it easier for one spouse to hide some of their resources and manipulate the property division outcome in their favor. What can people who worry about hidden assets do to protect themselves from an imbalanced property division outcome?
Financial documentation is critical during a divorce
Taking a spouse’s statements about their resources at face value can be a costly mistake. One spouse might have diverted income from a joint account and used marital income to fund a secret bank account.
They may have converted financial resources into digital assets, such as cryptocurrency. Cash withdrawals from joint accounts, the removal of high-value property from the marital home and numerous other strategies can unfairly influence the outcome of the property division process.
Spouses preparing for high-asset divorces may need assistance as they review financial records and any disclosures provided in the early stages of the financial discovery process. They need assistance identifying signs of hidden assets and quantifying any financial misconduct that occurred.
Concerned spouses may require the support of a lawyer familiar with the complexities of high-asset divorce. They may even need to work with a forensic accountant to track income and identify discrepancies in financial paperwork.
The process of finding hidden assets can be challenging, but it is the only way to ensure that the final property division settlement is reasonable and fair. Discussing concerns about possible financial misconduct and hidden assets can help spouses worried about the outcome of a high-asset divorce.