Finding Out What Assets Your Spouse Is Hiding In A High Net Worth Divorce In Florida

Are you preparing for a high net worth divorce in Florida? If so, it is normal to have a lot of financial questions. You may even have questions about (or suspicions of) hidden assets on the part of your spouse. You have the right to receive comprehensive financial information before you finalize your divorce. Here, our Boca Raton divorce lawyer highlights some of the most common ways that people hide assets in divorce cases and what you can do to find out what your spouse actually owns.

The Law: Parties to a Divorce Must Make Full Financial Disclosures 

As background information, it is important to know that Florida requires parties to a divorce to make full and accurate financial disclosures to each other (Fla. Fam. Law. R. P. 12.285). In other words, it is a violation of the law to conceal property and assets from your spouse when getting a divorce. All parties to a divorce proceeding will be required to file a Financial Affidavit, under oath, attesting to their assets and liabilities.

 Common Tactics Used to Improperly Hide Assets in a High Net Worth Divorce 

Unfortunately, not everyone who is going through a divorce in Florida complies with their duty to make full and accurate financial disclosures to their spouse. This can create some serious challenges for the other spouse. If you are dealing with this situation, it is useful to have an understanding of some of the most common tactics and strategies that are used to conceal assets. Examples include:

• Buying and hiding expensive items that have resale value;
• Making fraudulent conveyances to family or friends;
• Using a business to conceal funds;
• Transferring stocks or other assets to holding corporations;
• Intentionally delaying the signing of a contract or business distributions;
• Opening up new bank accounts; and
• Underreporting income/earnings on taxes. 

Your Options to Uncover Concealed Assets

 Do you believe that your spouse is hiding money, property, or other assets? A high net worth divorce lawyer with experience handling these issues can help you take action to get the information you need. Strategic and legal options that can be used to discover improperly concealed assets include:

• Analysis of financial records;
• Legal demands for the production of financial documents;
• A deposition on your spouse or third parties under the oath of law; and
• Subpoena of financial records from third parties.

In some cases, you may need to consult with a financial professional—such as a forensic accountant—who can help you better understand the documents and records that you have and take action to pinpoint improperly hidden assets.

 Consult With Boca Raton, FL Divorce Attorney Today

At Williams & Varsegi, LLC, our Boca Raton high net worth divorce lawyer has the skills and experience you can trust. If you have any questions about uncovering concealed assets in a divorce, we can help. Call us now or contact us online to set up a confidential consultation. From our office in Boca Raton, we provide high net worth divorce representation throughout Southeastern Florida.