Submitted by B.J. Abbott on
Most people who go through divorce simply want the process to be over as quickly as possible. For some, this means enforcing a prenuptial or postnuptial agreement. For others, it means working through tough negotiations that lead to a resolution both sides agree to.
Unfortunately for individuals with considerable wealth, divorce proceedings aren’t always easy to work through or quick in nature, for that matter. Most contentions arise during the course of property division where certain assets, such as business holdings and stocks, require valuation and equitable distribution.
In the end, property division can be incredibly challenging, requiring a team of experts to make the process go as smoothly and fairly as possible.
Unfortunately for some individuals, the subterfuge of their spouse can make the equitable distribution of marital property not only a challenge but impossible as well. That’s because, with hidden assets, you can’t divide what isn’t there. Or at least that’s the rationale behind why some spouses try to cheat the system during divorce proceedings.
Individuals who suspect that their spouse may be hiding assets prior to or during divorce proceedings are not without hope, though. By retaining the services of a forensic accountant, concerned individuals have a better chance of uncovering marital assets and property, therefore ensuring a more equitable distribution of marital assets.
There is a cost to hiding assets
As we explain in an article we wrote, there are legal consequences for lying on an affidavit during divorce proceedings. In addition to criminal penalties, a spouse found guilty of hiding assets may also face civil penalties, which can include paying their spouse’s attorney fees or dismissing the at-fault spouse’s claim altogether. All told, this could be a very steep price to pay in the end.
