Divorce proceedings can unveil many surprises, some less pleasant than others. Among these, the concealment of assets by a spouse is not uncommon. It’s a tactic some individuals use to skew financial settlements in their favor. If you suspect your spouse is currently hiding assets in your divorce, you must continue reading and reach out to the seasoned Pennsylvania divorce lawyers at Berman Voss. Here are some of the questions you may have:
How Can I Tell If My Spouse Is Hiding Assets?
Detecting hidden assets can be challenging, but certain signs should raise your suspicions. Sudden changes in financial behavior often serve as the first red flag. Your spouse might start spending less or more unusually than before. Another telltale sign is when they become overly secretive about financial matters. This behavior might include refusing to discuss finances or being evasive about money-related questions. Pay attention to any new accounts or investments that appear without a clear explanation. Also, look out for large gifts or loans to friends or family, which could be a way to temporarily ‘park’ assets.
What Legal Steps Can I Take to Uncover Hidden Assets?
If you suspect your spouse is hiding assets, the first thing you should do is retain the services of an experienced divorce attorney. A lawyer can guide you through the legal process and help protect your interests. Your attorney may suggest hiring a forensic accountant, especially in complex cases. Forensic accountants specialize in examining financial records to uncover hidden assets and irregularities. The legal discovery process is another tool at your disposal. During discovery, both parties are required to disclose all assets and liabilities. Your attorney can use subpoenas to obtain financial records and can depose your spouse under oath.
What Are the Consequences of Hiding Assets in a Pennsylvania Divorce?
Importantly, hiding assets during a divorce can have serious legal consequences. The law requires full financial disclosure from both parties. Failing to do so can result in the court penalizing the offending party. Penalties can range from monetary fines to a more unfavorable division of assets. In extreme cases, it could even lead to criminal charges like fraud or contempt of court. The integrity of the divorce process depends on honesty and transparency. Thus, attempting to deceive the court or a spouse can backfire significantly.
Berman Voss has assisted countless clients through the divorce process for decades. No matter your situation, if you need an attorney who will effectively represent your interests, simply contact the firm today.