How Spouses Hide Assets In A Divorce
The prospect of divorcing and splitting your assets can potentially make feuding spouses make poor decisions, such as attempting to hide assets.
How Do People Hide Their Assets?
Since New York is an equitable distribution state, all marital property will be divided fairly based on each spouse’s financial need. Some spouses may fear losing their property in a divorce, so they try to hide it.
There are many ways your spouse could hide assets, including but not limited to:
- Changing property titles
- Transferring money or savings
- Recording less income or deductions on tax returns
If your spouse successfully hides assets, it could have a huge impact on your divorce. The property division, as well as the spousal and child support agreements, will not reflect the true financial situation. This could leave you without the financial support you need.
Have You Seen These Red Flags?
There are a few signs to be aware of that might indicate your spouse is attempting to hide assets, including:
- Significant changes in how your spouse uses money
- Large bank withdrawals
- Expensive purchases just before the divorce
At Patrick M. Noe, Jr., Attorney at Law, we know how and where to look for hidden assets. We will analyze your situation and determine the best path forward, whether that is demanding copies of all your financial records, crafting strategies for asset protection or guiding you through the formal legal process of discovery.
You should not have to suffer the consequences of unfairly hidden assets. That is why you need an experienced and aggressive attorney on your side. It is our goal to take the stress out of the legal process and help you feel confident in your future.
We Can Help You Protect Your Financial Future
At our firm, we work to bring you the best possible outcome through honest and supportive representation. To speak with a lawyer, call Patrick M. Noe, Jr., Attorney at Law, at 716-803-8741 for a free phone consultation or contact us online. We serve families in the greater Buffalo area from our Williamsville office.