530 Oak St. Suite 102 | Syracuse, New York 13203
Divorcing a Spouse Who May Be Hiding Assets
Property division can be a contentious issue in divorce. Although full financial disclosure is required by law, some spouses might attempt to conceal assets so that they are not distributed with the rest of the marital estate. Fortunately, there are discovery tools available to find and recover what your spouse may be hiding.
New York follows the rule of equitable distribution, which means assets and debts of divorcing spouses are divided fairly but not necessarily equally. With certain exceptions, property acquired during the marriage is considered marital property that is subject to division based either on an agreement between the parties or the decision of a judge. If the issue goes to court, the judge performs an analysis involving multiple factors, such as each spouse’s contributions to the family. Significantly, once divorce proceedings are commenced, orders go into effect prohibiting the spouses from transferring or dissipating marital property.
In a divorce action, each spouse must exchange a Statement of Net Worth that discloses all assets and debts. A spouse might hide assets by omitting them from the statement and possibly resorting to other dishonest tactics such as moving funds to offshore accounts, falsifying tax returns, laundering money through wasteful purchases, fraudulently transferring assets to friends, undervaluing property and creating false debt. If you suspect that your spouse has not truthfully and completely disclosed their assets, it is essential to have a diligent investigation conducted.
There are multiple litigation tools that can help determine whether your spouse is hiding assets, including:
If your spouse refuses to comply with your discovery attempts or fails to turn over requested information, you can make a motion to the court to compel disclosure or document production. In complex cases, your divorce attorney may consult with a forensic accountant who can carry out a thorough investigation.
Bombardo Law Office, P.C. offers skilled counsel in divorce cases for clients throughout the Syracuse area. Call 315-800-4002 or contact us online to schedule a consultation.
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530 Oak St. Suite 102
Syracuse, New York 13203
Bombardo Law Office, P.C. is located in Syracuse, NY and serves clients in and around Syracuse, Liverpool, Camillus, Warners, Nedrow, Cicero, Clay, Marcellus, East Syracuse, Elbridge and Jamesville.
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