The wealthier someone is, the more motivation they have to deceive their spouse about financial matters during a divorce. Assets that are accumulated by either party during a course of a marriage are usually divisible, and terms relating to alimony and child support are based on an individual’s income. There are many potential ways for spouses to violate the law regarding financial disclosure in order to gain an improper edge during divorce proceedings. However, the truth could be exposed by a skillful attorney or a moment of carelessness.
According to reports, private equity partner John Foster engaged in an effort to conceal his true wealth while divorcing his wife, Stephanie. She says that when her husband briefly stepped away to walk the dog, leaving his phone behind, she saw a message from John to his attorney reading, “Your net-worth strategy worked. Steph is stunned.”
Stephanie says that what she saw was not the only indicator that her husband was untruthful about being $12 million in debt. Despite his alleged poverty, Stephanie asserts that John continued to travel from New York to Florida for various cosmetic treatments, including hair-dying and Botox injections. He also recently sold a yacht and an expensive home. John denies the allegation that he is asset-stripping the marital estate through “corporate chess” and other maneuvers.
Asset stripping can take many forms, including transferring funds to undisclosed accounts, shifting money into closely held companies, undervaluing business interests or hiding physical assets like jewelry or artwork. In some cases, spouses may even involve third parties, such as family members or business partners, to obscure their true financial picture.
If you suspect your spouse is hiding assets, it is imperative to act immediately to avert additional malfeasance. Working with an experienced divorce attorney is essential to uncovering concealed wealth and conducting negotiations based on accurate information.
At Bryan L. Salamone & Associates, P.C., our attorneys can retain forensic accountants, subpoena financial records, and investigate suspicious transactions to reveal the full extent of a spouse’s net worth. As the Long Island divorce leader, we have extensive experience in cases involving allegations of impropriety. For a consultation, please call 631-388-6009 or contact us online.