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Mark Abzug

High-asset divorces and hidden assets

On Behalf of | Aug 28, 2015 | High Asset Divorce

Hidden assets are a possibility in any divorce, but it is often a little easier to hide funds or physical assets, such as a house or recreational vehicle, if the couple had substantial assets or incomes. In any high asset divorce it is of the utmost importance that all of the assets and income streams are reported accurately to the courts so that the divorce settlement can proceed accordingly.

Purposefully hiding assets is a very bad idea in a divorce, and the courts do not look favorably upon those who attempt this angle. If you have bank accounts, real estate property, business assets or any other kind of property you believe may need to be counted as part of the marital assets, it’s important to let your legal representation know.

In some cases, one or both parties may also not be aware that they are hiding assets. A common example of this is when you have a personal bank account in your name only that was opened prior to the marriage. This indicates that it would be nonmarital property, and any funds in the account at the time of the divorce would not be deemed part of the settlement. However, it is possible for the courts to include an account, and the money in it, if there was comingling, which basically means that at some point during the marriage, the account was used as part of the marital funds or expenses.

Florida’s property division guidelines can seem complicated to those who don’t deal with divorces or family law cases on a regular basis, and it’s easy to misinterpret or even be completely unaware of a particular law. This is why it is important to seek as much information as possible from a knowledgeable party who stays current on the changes and guidelines that apply to family law cases.