Ways that PA or NJ Spouses May Hide Assets

Divorce is a time when many life details need to be reviewed, including all marital assets and liabilities. It is also an unfortunate reality that some spouses in Pennsylvania and New Jersey encounter situations where one party attempts to conceal assets, making a fair distribution more elusive.

There are warning signs of potential hidden assets and common locations where assets may be concealed. Because of this, when significant financial resources are at stake, it makes sense to connect with a skilled Bucks County family attorney.

Warning Signs of Assets Being Shielded

Ending a union is a sensitive and complex process, especially when suspicions of hidden assets arise. By recognizing warning signs, individuals can navigate the challenges of divorce proceedings more effectively. Indicators that assets may be hidden:

• Unexplained financial discrepancies. Sudden changes in financial behavior, such as unexplained withdrawals, transfers, or substantial changes in spending habits, can be red flags indicating hidden assets.
• Inconsistencies in documentation. Clashing information when it comes to financial records, tax returns, and reported income could suggest attempts to obscure the true value of assets. Pay close attention to irregularities that are difficult to explain through legitimate means.
• Debt emphasis. A spouse may exaggerate debts to create a false impression of financial hardship, which could be an effort to divert attention from other financial totals.
• Complex structures. If your spouse uses intricate business structures, they may be attempting to hide assets within the complexity of these arrangements.

Common Locations for Hidden Assets

In addition to knowing that additional assets may exist, exploring where they are hidden is essential so they can be identified and valued. Spouses have hidden assets in the following locations:

• Offshore accounts. Some use offshore accounts to hide assets, and these types of accounts are often challenging to trace.
• Undervalued assets. Deliberately undervaluing assets, such as real estate, investments, art, jewelry, or business interests, can be a tactic to minimize the apparent worth during the divorce process.
• Financial transfers. Assets that are given to friends or family members may be done so in an effort to shield them from review during the divorce process. Then, a spouse may move to reclaiming them after a divorce is finalized.
• The rise of digital currencies has introduced a new avenue for hiding assets and concealing wealth.

Family law can be complex, especially when high-value assets are involved, but there are professionals who can guide you through a divorce process and ensure that all assets are accounted for and fairly distributed. Discuss your situation with a Bucks County family attorney, your financial future deserves the protection and advocacy.

Was the possibility of your spouse hiding assets a concern for you when you separated? When substantial financial resources are involved in a Pennsylvania or New Jersey divorce, talk to the legal team at Kevin L. Hand, P.C. Skilled attorneys are available to review your case and ensure that you and your spouse divide all of the marital assets and liabilities fairly. Call 215-968-6602 to schedule your no-cost consultation.