When you decided to move on in life without your spouse, you no doubt thought ahead, especially regarding finances and your ability to make ends meet once your spouse is out of the income picture. If you’re a parent, your children’s needs are a top priority. How can you be sure to meet your children’s needs, though, if your ex is hiding assets in your New York divorce?
State law demands full disclosure from both spouses regarding marital property and debts in divorce. If your ex is attempting to beat the system, it is a form of perjury. The judge can hold a person hiding assets in a divorce in contempt of court.
Gather evidence if your ex is hiding assets in your divorce
It’s one thing to inform the court of your suspicions if you believe your former spouse is hiding assets in divorce. To convince the court, you must be able to produce evidence to prove your allegations. The following list shows numerous tactics spouses often use to try to keep assets from being subject to property division proceedings:
- Using a debit card at points of purchase to request cash back
- Sending an overpayment to the IRS or a credit card company
- Exaggerating a debt
- Undervaluing items, such as jewelry, artwork or real estate
- Deferring bonuses or a pay raise until after the divorce
- Giving money to someone to hold under guise of a loan
- Hiding money in a juvenile account
These are just some of the ways New York spouses have tried to hide assets in divorce in past cases. The more evidence you can gather, the easier it will be to convince the judge who is overseeing your case that your ex isn’t abiding by the state’s property division rules.
Make sure you’re aware of your assets
If you’ve been accustomed to entrusting all financial matters to your spouse, you’ll want to determine the value of your assets before property division proceedings begin. You must know what you own if you hope to achieve a fair settlement. It’s also wise to compile a list of needs, both yours and your children’s. Such a list will help you determine whether a suggested settlement is sufficient.
Do not hesitate to reach out for additional support, such as hiring a forensics accountant to investigate if you believe your ex is hiding assets in your divorce. The more support you have, the better able to protect your interests and provide for your children’s needs you will be.
