Dealing With Hidden Assets in a High Net Worth Divorce
Going through a divorce is always difficult, but things become even more stressful when spouses attempt to hide assets. In the case of a low-income couple with relatively few assets to their name, this represents a slight inconvenience to both parties. However, things become much more serious in a high net worth divorce. When high-value assets are on the line and spouses are attempting to conceal them, it becomes a major obstacle on the road to resolution.
If you are dealing with this issue in your high net worth divorce, you need to connect with a qualified divorce attorney in Charlotte who is experienced with these matters. Spouses attempt to hide assets more often than you might think, and skilled attorneys can employ a number of helpful strategies to counter this behavior. When you are in the midst of a high net worth divorce, it is important that you walk away feeling like you have been dealt a fair hand. If you suspect your spouse is concealing assets from you, there is no need to accept this behavior without taking action.
If you are thinking about ways to minimize the financial impact of your high net worth divorce, you might be considering whether you should try and conceal some of your assets. A reliable divorce attorney in North Carolina will always advise against this. You could face serious legal and economic consequences if you are caught, and there are better ways to protect your assets. A qualified divorce attorney in Mecklenburg County can help you protect your assets without breaking the law.Both Spouses Have a Fiduciary Duty to One Another
Both spouses have what is known as a “fiduciary duty” to one another. This means that you are legally obliged to disclose all financial matters to your spouse. This fiduciary duty becomes active the minute you get married to your spouse. It is important to note that this legal duty does not end until your divorce is finalized. This all means that you must disclose all relevant financial information to your spouse while the divorce proceedings are taking place. If you fail to do so, you will be violating your fiduciary duty, and you will be breaking the law. Failing to disclose financial information obviously includes hiding assets, and this essentially constitutes fraud.Common Signs of Concealed Assets
You may suspect that your spouse is hiding assets from you on an instinctual level, but what are some concrete, tangible signs that your ex is actually engaging in this unlawful behavior? Here are some common hallmarks of hidden assets in a divorce:
- Large, unexpected withdrawals from shared accounts
- Your spouse is now completing all of their transactions with cash
- Spending sprees
- Your spouse is giving large loans to family members, friends, or business partners
- An increasingly luxurious lifestyle
- Your spouse is paying additional taxes to the IRS in an effort to get a tax refund
- Deferred bonuses, stock options, and raises
- You no longer receive bank statements mailed to your home address
- Valuable personal property is missing from the home
- Your spouse is now keeping a safe
- Your spouse has ostensibly opened a safety deposit box
- You find large amounts of cash stashed away in your home or at your spouse’s office
Fortunately, many of the above signs and activities leave a paper trail that can be easily followed. Private investigators, forensic accountants, and a range of other experts have numerous methods to track down hidden assets for you. Some spouses have even used various methods to track their spouse’s movements and discern the location of safes and cash deposit boxes.Penalties for Hiding Assets in North Carolina
In North Carolina, penalties for hiding assets in a divorce are quite harsh. Your spouse may be charged with lying under oath and fraud. In addition to criminal charges, your spouse may face monetary penalties. These guilty spouses may be ordered to pay your legal fees, and you will almost certainly receive a higher alimony payment as a result of their unlawful behavior. Perhaps the greatest consequence your spouse will face is the loss of all credibility in the eyes of the Mecklenburg County Court.Get Help from an Experienced Divorce Attorney Today
If you have been searching for a divorce attorney in Mecklenburg County who can help you deal with hidden assets in your high net worth divorce, look no further than Arnold & Smith, PLLC. We have the experience and qualifications to help you recover assets that have been concealed from you. We will fight for your rights, and we will make sure that you walk away with your fair share of assets after the divorce is finalized.