Hidden Assets Divorce Lawyers in Bergen County
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During a divorce, each spouse has an obligation to make full and accurate financial disclosures in their Case Information Statement (CIS). The CIS is relied on throughout the divorce case to determine a fair division of property and to calculate whether one spouse should make support payments and in what amount. If this disclosure isn’t accurate, the result of the divorce can be deeply unfair. If the financial disclosure made by your spouse in a split appears inaccurate, your spouse may be hiding assets.
Uncovering hidden assets often requires obtaining the help of experts, such as forensic accountants. An experienced family law attorney can help you find hidden assets by assembling a team of investigators and technicians who can uncover the truth about your spouse’s finances. The team at Herbert & Weiss, LLP understand the long-term impact that hiding assets can have and will work diligently to uncover property or funds that may be rightfully yours.
Contact our Bergen County hidden assets divorce attorneys at (201) 500-2151 for a consultation on your case.
What Are Hidden Assets?
Hidden assets can consist of money or property that your spouse has placed somewhere that the so-called “out” spouse can’t access, and that hasn’t been included on official financial disclosures. Hiding assets can make one spouse appear far less wealthy than they are, which can dramatically alter how much they owe in spousal support payments or child support, as well as altering the size of the estate being divided during the divorce.
How Do Assets Become Hidden?
In many cases, assets are hidden during the marriage itself and not just after the divorce filing. A spouse may hide assets by depositing a portion of their paycheck into a separate account in a different financial institution, or by giving money to a friend or family member to hold onto until after the divorce. In some cases, spouses open accounts in the name of a child with the intention of eventually using those assets for themselves. Spouses may ask that an employer hold off on paying a bonus or giving them stock options until after the assets have been divided. Small business owners may use their businesses as a way to hide funds, such as by overpaying employees or paying off manufactured debts, with these funds eventually being returned to the business once the divorce is over. The divorce attorneys at Herbert & Weiss, LLP will help you investigate a dishonest spouse’s finances to find assets that you’re entitled to share.
Consequences for Spouses Who Hide Assets
Hiding assets isn’t just unfair; it can result in serious consequences for a dishonest spouse. For one thing, the spouse will have made false statements on their financial disclosures to the court. Lying to the court has another name—perjury. Spouses who hide assets are often found out and end up paying far more than they would have had they been honest from the beginning. In some cases, the assets that were hidden may be awarded to the spouse from which they were hidden. The court may choose to award a greater share of the marital estate to the spouse from whom assets were hidden than would have been awarded otherwise. Additionally, the court may award the costs of hiring professional help to the spouse who had to dig through financial records to find these hidden assets.
For more information on hidden assets in divorce, read our blog post What Should I Do If I Suspect Hidden Assets?
Find Hidden Assets in Your Divorce
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