What Happens When Assets Are Hidden During a Divorce?

divorce lawyer colmar paIt is not uncommon for spouses to do what they can to protect their own assets while in the middle of a divorce. Some individuals attempt to hide some of their assets because they do not want to share them with their former partner. It is often easier for one spouse to hide assets from another when that individual was the one who was in control of the finances for most or all of the marriage. Although people attempt to do it quite often, it is never acceptable for anyone to hide their assets during a divorce.

The Division of Property

Property is divided into at least one of two different ways. The first method of dividing property involves making sure both parties get half of the belongings that were accumulated throughout the duration of the marriage. Although couples do have this option, there are only a few states across the country that follow through with this specific method.

The other method involves dividing property based on the needs of each person in the marriage. One person may get more back than the other person and things are not always split directly down the middle during these situations. It is often the preferred method for many couples, and it is commonly used in the state of Pennsylvania when divorced couples are trying to figure out who gets what now that the marriage has ended.

Click here for our in-depth article on how it is decided where the house goes in a divorce.

Why People Try to Hide Their Assets

There are a few different reasons why many people attempt to hide their assets from the other person that they were married to. They might be afraid that they will lose out on a lot of money that they earned while they were married to their spouses. Some people feel like their former spouse does not deserve to receive certain assets. If one spouse was cheated on during the marriage, he or she may feel like they have the right to hide certain assets from their partner because that person treated them poorly and did not take their marriage vows seriously.

Providing Honest Disclosures

Most spouses will need to provide honest disclosures about their finances to one another. These disclosures would include details about the income they regularly earn, along with any debts they have, the property they own, and additional assets that belong to them. When the forms are not completed with accurate information, a judge could decide to punish certain individuals by making certain judgments and rulings that would keep them from holding on to certain assets.

How to Tell If Someone Has Hidden Assets

While it is not always possible to know for sure if someone is hiding certain assets, there are a few signs to be aware of. Someone who is trying to hide assets may have recently opened a new bank account or started renting out a storage unit. The individual could use the storage unit to store away certain belongings that he or she does not want the former spouse to have access to.

Just like it is not easy to know if someone is hiding their assets, it is sometimes a challenge to find those assets that are being hidden. If a person is suspicious about their former partner, they can use a search engine to look up their name and gather any information they might be able to find. Former spouses can use social media and even hire a private investigator if need be. If you are in this situation and feel like your former partner has assets that are being hidden to keep you from them, you need to hire a lawyer right away.

Contact a Colmar Family Law Attorney for a Consultation About Divorce in Pennsylvania Today

If you are thinking about filing for divorce, or if you have already started the divorce process and are dealing with another matter such as child custody, child support, or division of assets, you need to speak with a qualified attorney. The Pennsylvania family law attorneys at Rubin, Glickman, Steinberg, and Gifford, P.C. represent clients throughout Southeastern Pennsylvania, including Colmar, Lansdale, Newtown and Lower Bucks County. We understand how challenging this time can be for you, which is why we will fight hard to protect your interests, and the interests of your loved ones, throughout the legal process. Call us at 215-822-7575 or fill out our confidential contact form to schedule a consultation. We have an office conveniently located at 2605 N. Broad St. Colmar, PA 18915 as well as an office located in Newtown, PA.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.