In many marriages, one spouse tends to take the lead on financial affairs. This can leave the other spouse in the dark on the true nature of their marital assets. This setup works for numerous couples, until divorce enters the picture. Those whose in Georgia who have taken the backseat on marital finances and are now going through the divorce process will want to make sure all assets are accounted for before agreeing to a final settlement; otherwise, they could end up leaving with far less than they are entitled to receive.
Hiding assets from the divorce process is actually illegal, but it does not stop some spouses from trying. Unless property has been protected in prenuptial agreement or is deemed separate, all shared assets must be put on the table for division. If one notices that assets are missing or something is not quite right, it is okay to put a hold on everything and do a little digging.
Uncovering assets can be a challenging task, usually because most people are not sure where to look. When it comes to hiding assets, there are quite a few ways in which it can be done. These include:
- Converting physical property to cash
- Paying phony debts
- Setting up no interest investment bonds
- Setting up a custodial account
- Paying expenses for a significant other
The dissolution of one’s marriage is a hard road, one that many want to get through as swiftly as possible. However, rushing through and leaving assets behind may only cause issues in the long run. Those in Georgia who feel that their spouses are hiding assets can seek assistance in uncovering them. An experienced attorney and a forensic accountant will be able to take the steps necessary in order to ensure all assets are on the table before a final divorce settlement is achieved.
Source: wife.org, “Where to Search for Hidden Assets During Divorce“, Candace Bahr, Accessed on Feb. 25, 2017