Finding Hidden Assets During a New York Divorce

Long Island divorce lawyer helps to identify marital property

Among the many facets of divorce, one of the most important is the unwinding of financial ties between the spouses. A fair division of marital property can be achieved through negotiation or, when there are disputed issues, a judge will divide assets and debts based on New York’s equitable distribution law. In either case, the process depends on accurate information regarding a couple’s finances. Unfortunately, there are situations where husbands and wives deceive their partners in an attempt to obtain advantageous property division, child support and alimony terms.

At Bryan L. Salamone & Associates, P.C., our experienced divorce lawyers in Long Island know how to find hidden assets so that New Yorkers can secure a fair resolution of financial matters in divorce proceedings.

Is your spouse hiding assets in your New York divorce?

Some spouses keep money and other assets secret for years, while others make financial moves in anticipation of an impending divorce, even after the papers are filed. If your husband or wife has prevented you from seeing bank statements, has engaged in unusual transactions or has made significant recent investments, it’s possible that they are looking to reduce the value of your marital share in the divorce. Changes in behavior and lifestyle could also be signs that assets are being dissipated or shifted for improper reasons.

Consequences of hiding assets

Spouses’ assets and income are considered in the determination of alimony, child support and property distribution under New York law. If a spouse works off the books or otherwise misleads the court about how much they earn, their former partner will have to cover an unfairly high share of the costs required to raise their son or daughter. Deception regarding assets might lead to an inadequate alimony award or possibly to the denial of spousal support altogether. Of course, dividing marital assets depends on a full, accurate understanding as to the property that is subject to distribution once the marriage is dissolved.

Common methods for hiding assets

Husbands and wives might use any of the following methods to hide assets from their spouse during a divorce:

• Reporting less income than they actually earn
• Temporarily transferring assets to friends or family members
• Secretly opening new accounts or purchasing cryptocurrency
• Hiding cash in a home or safe deposit box
• Buying expensive items that can be resold in the future

There might also be situations where assets are not actually hidden but rather misclassified in order to exclude them from the division of property. For example, while an inheritance distribution is typically considered separate property, if the funds were deposited into a joint account and commingled, they should be considered part of the divisible marital estate.

Ways an attorney can uncover hidden assets

Should you suspect that your spouse is hiding assets, our firm can employ several means get to the truth. We sometimes work with forensic accountants, private investigators and other professionals to find funds and property that might have been concealed in a spouse’s disclosure to the court. The legal proceeding also gives us the chance to use methods of discovery, such as document requests, subpoenas and depositions, to get to the bottom of disputed financial issues.

Protecting your rights if you suspect your spouse is hiding assets

As we press to expose the truth regarding assets under the control of your spouse, you can bolster your case by collecting key documents, such as:

• Bank and investment account statements
• Tax returns
• Pay stubs
• Deeds and other records related to real estate ownership
• Credit card statements and receipts for travel and major purchases
• Business records

Often, demonstrating that a spouse is hiding assets requires more than documentary evidence. You should write down every suspicious incident that leads you to believe that something is being concealed. You should also take steps to secure funds in a personal account, open individual credit cards and activate notifications regarding activity in a shared account.

Contact a skillful New York divorce attorney if you believe assets are being hidden

Bryan L. Salamone & Associates, P.C., handles all types of divorces for Nassau and Suffolk county residents, including cases in which a client suspects that their husband or wife is concealing financial information. To discuss your case with the Long Island divorce leader, please call 631-388-6009 or contact us online.