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Have all your assets been identified pending distribution?

On Behalf of | Apr 2, 2018 | High Asset Divorce

If the property distribution phase of your divorce is coming up, you may have concerns as to whether your spouse has appropriately listed all the marital assets.

Your spouse is in business for himself. He has done very well, but has he done better than he lets on? You have the feeling that not all your marital assets are out in the open. Is a closer look in order?

Cash on hand

Your spouse is in the type of business where he sometimes accepts cash for services rendered. This means that he is able to pocket certain payments and not report the income on tax returns or financial statements. You recall that there always seemed to be money when the family needed it, despite your spouse complaining that there was a lull in projects.

Delayed contracts

If your spouse is working on contracts with potential clients, you are entitled to share in the proceeds. If your soon-to-be ex wants to keep all that money for himself, he may delay signing those contracts until your divorce is final.

Nonexistent employees

In the course of doing business, your spouse may hire subcontractors to work on specific projects. It would, therefore, be a simple matter for him to funnel assets by making payments to nonexistent employees. Once the divorce is over, he only has to void the checks to get the money back.

Family members and friends

Your spouse may strike an agreement with a family member, a friend or even a new romantic interest. The idea is to funnel funds out of a business account to one of these individuals who would only hold the money and return it after the divorce.

Professional help

If you are uneasy about the possibility of hidden assets, your attorney is standing by to help and may call upon other professionals to assist. One such expert would be a forensic accountant, whose specialty is investigating potential financial crimes. Digging into the financial dealings of your spouse may take some time, but there should be a clean slate of marital assets when it comes to property distribution. After all, your own financial security is at stake.

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