Divorcing spouses are legally required to fully disclose their assets, income, and debts. This transparency is meant to ensure that property is divided fairly and that any financial responsibilities are properly allocated. However, some spouses attempt to hide assets to gain an unfair advantage. If you believe that is happening, it is essential to act quickly and enlist professional help to protect your financial interests.

Hiding assets prior to or during a divorce can take many forms. Common ones include:

• Underreporting income — A spouse may intentionally underreport income, particularly if they are self-employed or receive cash payments. By minimizing their reported earnings, they may seek to reduce spousal or child support obligations.

• Transferring assets to others — Temporarily transferring assets to friends, family members, or business associates is another common tactic. These individuals may hold the assets until the divorce is finalized, after which the assets are returned.

• Opening secret accounts or using cryptocurrency — A spouse might open new bank accounts in their name or under an alias. Similarly, cryptocurrency can be used to hide funds because transactions are decentralized and harder to trace compared to traditional financial systems.

• Hiding cash — Stashing cash at home, in a safe deposit box, or in other locations is a straightforward way to conceal funds.

• Purchasing resalable items — A spouse might buy valuable items like artwork, collectibles, or jewelry. These assets can be resold later, effectively converting liquid funds into hidden wealth.

If you believe your spouse is hiding assets, a divorce attorney with experience in high-conflict divorces can be an invaluable resource. They can uncover hidden assets in a number of ways, such as:

• Requesting discovery — Discovery is the legal process of obtaining information during a divorce. Your attorney can demand financial records, tax returns, and account statements. If necessary, they can subpoena documents or testimony from third parties.

• Tracking digital evidence — A spouse's electronic trail can provide valuable clues. Emails, text messages, and online financial activity may reveal hidden accounts or transactions. Your attorney may request access to these records if permitted under privacy laws.

• Working with forensic accountants and private investigators — Forensic accountants are specialists in detecting hidden assets. They can analyze income discrepancies, track financial transactions and identify unusual patterns that suggest concealment. In addition, a private investigator may be able to uncover physical evidence of hidden cash or undisclosed assets.

Courts can impose severe penalties for financial disclosure violations. If your spouse is caught concealing property, the court may award you a larger share of the marital assets. Judges can impose fines, hold your spouse in contempt of court or order them to pay your legal fees. If hidden assets are discovered after a divorce is finalized, the court may reopen the case to modify the division of property.

Bombardo Law Office, P.C. offers skilled counsel in divorce cases for clients throughout the Syracuse area. Call 1-315-488-5544 or contact me online to schedule a consultation.