Divorce is an emotionally challenging journey, made even more complex when one spouse attempts to conceal assets to gain an unfair advantage in property settlements. In this article, we’ll explore the common methods used to hide assets during divorce and shed light on how Forte Family Lawyers, a distinguished Australian-based family law firm, can help uncover these hidden resources.
- Understanding Hidden Assets
Hidden assets are any financial resources intentionally omitted or concealed during divorce proceedings. This deceptive act aims to reduce the overall value of marital property and, consequently, the share the other spouse receives in the settlement.
- Common Methods for Concealing Assets
a. Underreporting Income:
– One of the simplest ways to hide assets is by underreporting income. This involves not disclosing additional revenue sources, such as side businesses or investments.
b. Transferring Assets:
– Spouses may transfer assets to friends, family members, or secret accounts. These assets are then conveniently left out during the divorce process.
c. Overpaying Debts:
– Another tactic is to overpay debts to reduce available funds for division. This strategy may involve making inflated mortgage payments or paying off loans to relatives.
d. Creating Sham Expenses:
– Some individuals fabricate expenses or debts that don’t exist, which lowers the perceived value of their assets.
- How to Uncover Hidden Assets
a. Thorough Documentation:
– Maintaining comprehensive financial records is crucial. Gather bank statements, tax returns, and any documents related to joint investments or properties.
b. Hire a Forensic Accountant:
– Forte Family Lawyers can connect you with forensic accountants who specialise in uncovering hidden assets. They scrutinise financial records, detect discrepancies, and trace hidden funds.
c. Depose Your Spouse:
– During a deposition, your spouse is legally obligated to answer questions under oath. Skilled lawyers from Forte Family Lawyers can formulate enquiries to unveil hidden assets.
d. Bank and Credit Card Records:
– Review bank statements and credit card records meticulously for any unexplained or suspicious transactions.
e. Tax Returns:
– Tax returns often reveal hidden income sources or discrepancies. Analyse these documents carefully.
f. Financial Experts:
– Forte Family Lawyers can engage financial experts who assess the value of marital assets and liabilities, helping ensure nothing is omitted.
- How Forte Family Lawyers Can Help
a. Expertise in Family Law:
– Forte Family Lawyers possess extensive knowledge of family law, including property settlements. They understand the complexities of divorce and the tactics used to hide assets.
b. Negotiation and Litigation:
– If your spouse is concealing assets, Forte Family Lawyers are skilled negotiators who can advocate for your rights. If necessary, they are prepared to litigate to ensure a fair outcome.
c. Forensic Accountants:
– Forte Family Lawyers collaborate with experienced forensic accountants who specialise in identifying hidden assets, leaving no stone unturned.
Conclusion
Divorce is challenging enough without the added stress of hidden assets. However, with the guidance and support of Forte Family Lawyers, you can navigate this complex terrain with confidence. They offer expertise, resources, and a commitment to ensuring that hidden assets are exposed and fairly distributed during the divorce process.
Remember, a fair settlement is your right, and with the right legal team by your side, you can achieve it. Forte Family Lawyers is your ally in the pursuit of justice, ensuring that you receive your rightful share of marital assets.