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How to Tell if Your Spouse Is Hiding Assets From You in a High Net Worth Divorce

When you are dealing with high-value assets in a divorce, things can get a little heated. Faced with the possibility of losing these assets, some spouses revert to sneaky, unlawful methods to conceal them before the divorce proceedings take place. These spouses may believe that they can outsmart the courts in Mooresville, and they may have considerable financial knowledge in order to expertly conceal various assets. If you are faced with this situation, it can feel like you are up against an insurmountable hurdle. All you want is to move on with your life and receive your fair share of assets, but your spouse continues to make life difficult even after the divorce is over.

Fortunately, there is always help available. Reach out to a qualified divorce attorney in Mooresville today, and you can uncover even the most expertly-hidden assets. These legal professionals will make sure you walk away with your fair share when the divorce is finalized. Skilled divorce attorneys in North Carolina can also suggest a range of methods to help you uncover hidden assets in a high net worth divorce.

Of course, you may also be on the other side of the equation. If you want to protect the assets that you have worked so hard to accumulate over the years, hiding them might seem like a smart choice. Although you may believe you can get away with it, any divorce attorney worth their salt will strongly advise against this course of action. You could face significant legal and monetary penalties if you are caught, and it simply is not worth it in the long run. Reach out to an experienced divorce attorney in Iredell County, and you can effectively protect your assets without breaking the law.

Why is Concealing Assets During a Divorce Illegal?

Concealing assets during a divorce is illegal for a number of reasons. First of all, divorces are a legal matter, and both parties must abide by strict rules in the Iredell County Courts. As part of your divorce, you will likely be under oath as you disclose your financial assets. Lying under oath in North Carolina is a serious offense.

In addition, both spouses have what is known as a “fiduciary duty” to one another. This is a legal obligation to disclose all financial matters to your spouse as soon as you become aware of them. If you violate this fiduciary duty, you are essentially committing fraud. Failing to disclose financial assets during a divorce is a clear example of a breach of fiduciary duty. Fiduciary duty begins when you sign the marriage contract, and it does not end until the divorce is completely finalized.

What Constitutes Concealing Assets?

Whenever your spouse hides assets without informing you of the details, they are concealing assets from you. They may have been concealing assets from you for many years, or they may have started to conceal assets only after the divorce proceeding began. Most spouses start to suspect that their ex has been concealing assets after the initial divorce proceedings take place. Perhaps your spouse disclosed their assets, and you became surprised at the low worth of these assets based on what you already know about their wealth.

A spouse may try to conceal assets in a variety of different ways. Some methods are relatively simple, and they may involve simply withdrawing large amounts of cash and putting it in a secret account, a safety deposit box, or a safe. Other methods may be more complex. Many spouses attempt to conceal assets by lending large sums to their friends or family members. Some defer bonuses, stock options, and raises until after the divorce is finalized. Individuals with high net worth commonly stash large amounts of money in offshore bank accounts.

Resolving the Situation

There are many ways to take action if you believe your spouse is concealing assets. Experts such as private investigators and forensic accountants can help you track down concealed assets, and your attorney can also assist you. Remember, concealing assets is against the law in North Carolina. Along with criminal charges, your spouse may be ordered to pay your legal fees and provide greater amounts of alimony after being caught.

Reach Out to an Experienced North Carolina Divorce Attorney Today

There is a lot at stake with a high net worth divorce, and you need a reliable divorce attorney who can handle the unique demands of your situation. Reach out to Arnold & Smith, PLLC today, and we can guide you through your next steps in an efficient, calculated manner. Regardless of what you may think, there is no need to give up and let significant assets slip through your fingers. Get help from a legal expert and recovering concealed assets might be easier than you think.