Hidden Assets & Divorce in New Jersey | What You Need to Know
Assets in contested divorces go through the equitable distribution process, wherein courts will essentially determine which spouse gets what assets. Because of this, spouses will sometimes try to hide assets to preserve them for themselves. This is unacceptable. Please continue reading and speak with our Chatham divorce attorneys to learn more about hidden assets & divorce and how our firm can help you. Here are some of the questions you may have:
What are some of the most common ways that spouses hide assets from divorces?
Hiding assets from the equitable distribution process is morally wrong and, generally, illegal. For this very reason, you should keep an eye out for several red flags to ensure that your spouse is not concealing assets. Some of the most common ways in which spouses will try to hide assets from divorce are as follows:
- Overpaying the IRS. When a spouse overpays the IRS, they will drain assets from their account, making the appearance of having fewer assets than he or she truly has. That spouse can then use whatever he or she overpaid in taxes the following year.
- Sometimes, spouses will simply give certain assets to a person they trust, such as a family member or friend, and will claim that those assets never existed in the first place.
- In other cases, spouses will fail to collect bonuses or invoices until their divorce is concluded. Since the assets are not technically in their possession, they hope they will slide under the radar until the divorce is complete.
Rather obviously, there are many additional ways that spouses will try and hide assets, so if you suspect any sort of illicit activity, it is critical that you alert your attorney immediately.
What happens if I can prove my spouse hid assets from our divorce?
If you can prove that your spouse was hiding assets from your divorce, there is a very good chance that you will receive a more favorable outcome, as this behavior is unacceptable in the eyes of the law. In many cases, a judge will impose fines or sanctions against your spouse, and you will most likely receive a greater amount of marital assets. Additionally, in many cases, since documents and testimony are provided under oath, if you prove that your spouse lied under oath regarding your marital assets, he or she may be charged with perjury, which is a federal crime. If you have any additional questions or you need legal assistance, feel free to speak with our New Jersey divorce attorneys today. We are here to help.
Contact our experienced New Jersey firm
If you are considering a divorce and need an attorney who can effectively represent you through every step you can count on Lazor Rantas, PC. We proudly serve clients throughout New Jersey as they navigate divorce and family law matters. To discuss your case with an experienced legal team, contact Lazor Rantas, PC today.