When going through a divorce, one of the most important aspects of this process you must keep in mind is the importance of financial transparency. Not only does this help ensure that you and your spouse can divide assets fairly based on New York’s distribution process, but it also helps ensure you can receive the correct support payments. However, if you have reason to believe your ex-spouse is concealing assets in order to spend less on matters like alimony or child support, it can be incredibly frustrating. As such, it’s in your best interest to continue reading and connect with a Nassau County divorce lawyer to explore your legal options during these difficult matters.
Why Might an Ex Hide Property?
Generally, the most common reason someone may hide assets as part of their divorce is to keep a larger portion for themselves. Though New York adheres to an equitable distribution process, meaning assets are divided according to the contributions of each income, they may conceal a portion of the assets to ensure they can keep these for themselves.
Additionally, an ex may conceal assets because they are angry with their spouse and do not believe they deserve the support payments, even if these are for child support.
In order to hide assets, your spouse may transfer property to friends and family as a way of removing it from their estate. Additionally, they can create trust funds with the sole intention of dissolving the fund and retaining the property following the divorce. Some may go so far as to hide physical cash in private locations as a way to retain a greater share of assets.
What Should I Do if I Believe They Are Concealing Assets?
If you believe your ex is concealing assets as a means of receiving a more favorable share of assets following the conclusion of your divorce or to avoid paying support, it’s critical to understand the steps you can take to fight for the funds you deserve. Generally, one of the most important things you can do during this process is connect with an experienced attorney. Not only can they examine the financial records exchanged during the divorce to determine if there are any suspicious transactions that could indicate fraud, but they can also help you fight to receive different documents that can showcase the truth about your spouse’s finances.
If your divorce has already concluded, but you believe your spouse lied to the court, you should still seek legal counsel. However, you’ll also need to file a petition with the court that could reopen your case. At the very least, you may be able to seek compensation for monetary damages as a result of their deceit.
As you can see, navigating these matters can be incredibly difficult. That’s why it’s in your best interest to connect with an experienced attorney with the Law Offices of Jay D. Raxenberg. Our team will do everything in our power to help you fight for the best possible outcome during these difficult times. When you need assistance, contact us to learn how we can guide you through these matters.
