Large financial holdings can lead to hidden assets in divorce

People in Stillwater, Minnesota who are ending their marriage have enough on their minds without having to worry about a spouse attempting to hide assets that they don't want to be part of the settlement. When there is a divorce, some couples are able to come to an agreement regarding the assets and do so in an amicable manner. If, however, there are business assets, a complex asset division, significant financial holdings and real property, there is more of a chance for disputes and attempts at sleight-of-hand.

Spouses who suspect that there are assets being hidden have recourse. There are times when the marriage is beginning to sour that some spouses will prepare for the inevitable divorce by moving assets where they believe they'll be safe from prying eyes. There are ways to find these assets. Often, there is an electronic trail of the movement of money and assets such as new bank account numbers and unusual banking activity. Having a professional perform a deep financial examination of the spouse can find out whether anything untoward is happening. Given the increased use of smartphones, there are often clear signs that a spouse is trying to maneuver money away from the estate and these can be found if it's known what to look for.

A divorce in which there are substantial assets is different from a more modest divorce. There is an increased likelihood that a complex asset division will lend itself to attempts at hiding many assets. Certain issues come to the forefront in a high-asset divorce. If there was no prenuptial agreement, there will be disputes about which side gets what. Having experts who are well-versed in sifting through the finances can prevent ongoing battles and ensure that each side gets what they're entitled to. Hidden assets and taxes are important considerations and cannot be ignored.

For those who believe assets are being hidden, having the proper legal assistance is paramount. The number of ways in which a spouse might try to place assets out of the reach of the other spouse is increasing with the growth of technology.

Source: The Huffington Post, "Uncovering hidden assets in divorce litigation," David Centeno, Aug. 15, 2014

Source: The Huffington Post, "Uncovering hidden assets in divorce litigation," David Centeno, Aug. 15, 2014