Although divorce is an emotionally complex life event, it is also a financial transaction. Protecting your interests and those of your children mean knowing exactly what marriage assets belong to whom.
If you suspect your spouse may be hiding assets before or during a divorce, speak to an experienced New York divorce attorney to discuss how the concealment might affect your divorce case. Before you meet with your lawyer, think about your circumstances and possible ways in which assets might be hidden. Consider what you know about your spouse and your spouse’s access to the family’s funds.
Some places to look include:
- Automatic paycheck deposits. If your spouse’s paycheck is automatically deposited to your joint bank account, look for unusual cash withdrawals or unexpected check or card payments.
- Statements from brokerage accounts, lines of credit or cash advances. If money was taken from any of these sources, the withdrawals will appear on the account statements. Obtain copies of the account statements from the source – not from your spouse – and go over them carefully. Keep all statements in a safe place your spouse cannot access.
- Business books. If a family business suddenly takes a drop in income or starts losing money, your spouse may have delayed sending billings and invoices until after the divorce, or may be “paying” someone for services never rendered, planning to recover those funds after the divorce is complete. Your attorney can help you unravel business books or find a forensic accountant who can do the detective work.
- Investments in antiques, artwork or hobby equipment. A sudden interest in high-end antique furniture, art or hobby equipment may just be a way to hide funds. Even if the interest is genuine, these items often go overlooked in a divorce. Don’t forget that they are valuable as well.
For further assistance with your divorce, contact the Law Offices of Paul A. Boronow, PC.