Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
People in Maryland may have seen a recent financial help article about the things divorcing spouses should look for, and the warning signs that the other spouse might be attempting to divert or hide assets that should be considered in property division.
Finances are among the major concerns every divorcing person puts on their list of priorities, but people in a high asset divorce might have to dig a bit deeper to make sure they are treated fairly when it comes to a complex asset division situation. Couples with significant assets generally have assets in a variety of different forms, such as retirement accounts, stocks and other business holdings. Having a variety of diversified assets is generally a good thing, but in a divorce it could also mean more opportunities for concealing money or property that the other spouse is entitled to.
The concealment of assets may be done through international banking transactions, but more often than not, the other spouse may attempt to skew the financial picture by moving money around without the proper financial documentation. One example would be making a significant loan to a friend or family member without the other spouse’s knowledge. Another example would be making a substantial purchase out of a joint financial account without discussing it with the other spouse.
A person who suspects their husband or wife is diverting money without disclosure should be able to get an idea of the depth of the problem by carefully analyzing financial documents and statements, but sometimes further investigation is required. In a high asset divorce, people should always get the help of an experienced family law attorney, who can help people get a fair and just property division settlement.
Source: Financial Planning “Finding Hidden Assets: Digging Deep in HNW Divorce,” Andrew Pavia, Mar. 24, 2014