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High-asset divorce: don’t be victimized by hidden assets

| Mar 2, 2021 | Uncategorized

Are you worried about what your finances will look like after divorce? If so, then you need to be proactive in developing a divorce strategy that seeks to protect your financial interests. While this means knowing how to go about negotiating a divorce settlement while simultaneously preparing for litigation and maybe even challenging a prenuptial agreement, it also means ensuring that all assets that are subject to property division are included in the process.

Watch for hidden assets

In many high-asset divorces, spouses see the writing on the wall when their marriage starts to fail. They know that marriage dissolution can be costly, and far too often they take drastic measures to keep as many assets as possible. In some instances, this means hiding assets in an attempt to remove them from the property division process. This can occur by stashing cash in new accounts under different names, retitling property in the name of a family member or friend, or even withdrawing cash and physically hiding it somewhere.

Using a forensic accountant

If you don’t recognize that assets have been hidden from you, then you might not have the ability to claim your fair share of them. This can leave you in a financially disadvantageous position post-divorce.

To avoid that outcome, it might be best for you to work with a forensic accountant if you think that your spouse has hidden assets. These financial experts know how to spot read flags as they pertain to hiding assets, and they are adept at following paper trails to locate those assets which a spouse has attempted to hide from view. These experts can then serve as powerful witnesses in a divorce case, helping ensure that you get what is rightfully yours.

Be prepared, be confident

A lot of success during the divorce process is attributable to knowledge and preparation. You need to know everything about your marriage and its estate as well as the law, then diligently work to develop the legal strategy that best positions you for success. If you’d like to learn more about how to do that, then now may be the time to research and reach out to those legal teams that you think might best advocate for your interests.