As part of any divorce, both parties have to disclose their financial information to include income and expenses, assets and liabilities. It is with this important information that the court will determine child support, spousal support and any property division.
Every disclosure filed with the court must be done in good faith and truthfully, however sometimes getting to that point is a struggle.
Today, many successful people do not earn all their money from one job. They may be self-employed, own businesses or other entities generating income or have their hands in many financial pots so to speak. This complicates divorces significantly.
In these complex divorces, it is best to have a family law attorney with experience in handling high asset divorces to ensure no stone is left unturned and the financial disclosures made to the court are accurate and truthful. Moreover, if one spouse handles all the household finances, the other spouse may not be totally aware of all the income contributions and thus may not know to question any financial declarations from the other spouse.
When a couple decides to get a divorce, sometimes one party will try to quickly do away with assets so they won’t be considered in the settlement. Assets can be hidden or temporarily change forms. They can also be given to another person for holding. There are a variety of places income can be hidden in a divorce. For example, money can be paid back to fake lenders or money can be given to family members for holding.
If you are concerned about income hiding in your divorce, consult with a family law attorney experienced in complex divorce and representing high-asset individuals. An experienced attorney will be able to find all income going to either party and ensure your assets are protected. They may call in a forensic accountant to review the existing financial documents and trace where missing income has gone. Fake business expenses, depositing money into dependent’s accounts and deferring bonuses or raises are also ways income can be quickly hidden during divorce proceedings. Make sure you are fully aware of the financial circumstance of your divorce in order to protect your asset rights.
If you are in the Los Angeles, Beverly Hills or the greater LA area and have questions about hidden assets, Certified Family Law Specialist Mark H. Karney can help. With experience handling complex and high asset divorces, Mark H. Karney can work to ensure you take the right first steps towards a favorable outcome. Representing individuals in Los Angeles and surrounding areas, Mark H. Karney will listen to your case and, based off your needs, will take action to ensure you receive the outcome you deserve. Call our office at (310) 393-0236; email us at [email protected] or contact us through our online form today to schedule a free consultation.Related Posts: Can We Divide our Assets However We Want? | Will My Divorce Take Longer if I Have a High Net-Worth? | How to Account for the Value of Appreciating Assets | Knowing Your Worth: What is Considered an Asset? | Intangible Assets: Intellectual Property and Divorce |