Hidden assets: What you need to know?

On behalf of Furr & Cohen, P.A. posted in Family Law on Tuesday, August 25, 2015.

All divorce cases involve property division. Whether you and your soon-to-be ex have a prenup that clearly outlines how the property will be divided or you’re currently at odds over who gets the money, house or even the pets, it’s extremely important to be sure that you are aware of all of your marital assets

While it may seem strange that some people are not aware of all of the assets or revenue streams that have been a part of their marriage, many couples decide to give one person the primary financial responsibility. In this case, the other party may not be aware — or have access to even if they are aware — all of the bank accounts, investments or business income. However, not being aware of these assets does not mean that they are not considered marital property.

Family law attorneys are well versed in how assets may be hidden in an attempt to avoid having them divided during the divorce and can work to help you uncover any hidden assets and ensure you get a clear picture of the financial situation. This can be extremely important when the courts are making decisions about what entails an equitable division of the assets. If you ex is attempting to hide income or streams of revenue, uncovering these may also have an impact on how child support or any alimony is determined.

At Furr & Cohen, we have resources to help you uncover hidden assets and ensure the courts get an accurate picture of both parties’ finances. If you believe your ex may be hiding assets or aren’t sure what qualifies as marital property, we can help.