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Hidden assets could be a problem in high-asset divorce

Getting a divorce means major changes to a person’s life. Some Florida residents facing this ordeal may have concerns about how much their lives, particularly their financial situations, may change after ending their marriage. When there is a considerable amount of wealth involved, parties may want to ensure that there are no hidden assets one party is trying to protect.

Unfortunately, hiding assets during a divorce is not altogether uncommon. In fact, some individuals may think that they can maintain ownership of certain assets or convert funds and keep them out of the hands of a soon-to-be ex-spouse. However, hiding assets creates a complicated ordeal and can lead to serious consequences for the spouse attempting to hide the assets. Of course, the other party will certainly want to uncover any hidden property to ensure that he or she gets a fair share.

At first, it may seem impossible to hunt down assets, but fortunately, some hiding places are typical. As a result, individuals may want to assess any assets recently acquired by a spouse, particularly expensive pieces like artwork or antiques whose value may be underreported. It is also wise to look into bonuses or raises that a spouse was supposed to receive but were suddenly delayed. If a person can push back receiving financial incentives until after the divorce, he or she will likely not have to share it with a former spouse.

If one party has been thinking about divorce longer than the other, it is possible that the person took steps to hide property. At the time, the unsuspecting spouse may not have thought much about new purchases or delays in a raise, but now, it may seem suspect. If Florida residents are concerned about hidden assets in their high-asset divorce cases, they may want to express that concern to their legal counsel in order to take steps to uncover as many assets as possible.