Is there a way to tell when a spouse is hiding marital assets? What are some of the most common strategies to hide or significantly under-report the value of assets associated with a San Diego divorce?
Both parties are required by California Family Law to fully, accurately and transparently disclose all assets and debts (even if they are not marital assets or debts) at the outset of the divorce proceeding. The financial disclosures clearly state all assets and debts must be listed regardless of whether either or both parties are listed on the account, title or associated documentation. Unfortunately it is not uncommon for one of the spouses to try to minimize the value of an asset or hide assets in order to gain the upper hand in a divorce process.
There are some clues regarding behavior and documentation which can help you know how to tell when a spouse is hiding marital assets. One of the first and most obvious is defensiveness which often accompanies secretive and controlling behaviors. When a subject is legitimately raised and your former spouse becomes defensive, doesn’t want to talk about it, or attempts to keep you from being able to access important records such as statements or tax returns it is a sure sign that more questions should be asked, perhaps by the experienced Certified Family Law Specialists at Burke & Domercq.
Another telltale sign of how to tell when a spouse is hiding marital assets is when they change the mailing address on any type of account so that it no longer comes to your home address. This is often an overt sign to you (and the Court) that a former spouse is at least limiting access to important information if not outright misrepresenting important financial information and valuation.
Closely held businesses are another vehicle for attempting to manipulate financial information in a San Diego divorce. This can either be an attempt to reduce apparent income or the actual valuation of the business itself. Our attorneys work with skilled financial experts such as forensic accountants to get to the bottom of things and bring these covert attempts to light. The Court takes a dim view of anyone who misrepresents factual information during the process of a divorce.