If you are getting divorced, it can be a stressful process. To make matters worse, if you think your spouse is hiding assets during the divorce, you also have to worry that you might not get your fair share in the settlement. The good news is that Kendall Gkikas & Mitchell, LLP are here to help. Keep reading to learn more about hiding assets, what the potential penalties are, and what you should do if you suspect your ex is hiding assets.
What are the most common ways of hiding assets?
There are a few ways that people can try to hide assets in a divorce. They can empty their bank account or sell valuable belongings and then hide the cash in secret. Your spouse can also hide valuables and then sell them once the divorce is final. Others give money to family members or friends to hold until the divorce is over. Some people even keep secret business interests, bank accounts, and cryptocurrency. As you can see, there are many ways for people to hide assets.
What should I do if I believe my spouse is hiding assets during the divorce proceedings?
If you think that your spouse is hiding assets, you should first go through your financial documents. Check for anything that looks suspicious, like a large withdrawal or many small withdrawals over the past few months. Anything that looks suspicious should be shared with your attorney, who can then investigate further or bring it to the court’s attention.
What are the penalties for hiding assets in a divorce?
Hiding assets during a divorce is against the law. Those guilty can face both civil and criminal consequences. If this occurs during the divorce, the innocent party may even be awarded more property.
For help obtaining a fair settlement in your divorce, contact Kendall Gkikas & Mitchell, LLP today!
If you are going through a divorce, it is essential to have an experienced family law attorney like Kendall Gkikas & Mitchell, LLP on your side. With over 27 years of experience, you can trust the knowledgeable attorneys at Kendall Gkikas & Mitchell, LLP to help you through your divorce case. Whether you think your spouse is hiding assets or you just want to get a fair settlement agreement in place, we are here to kelp. Give us a call today at 909-482-1422 to schedule your initial consultation.
To learn more about the reliable and quality family law services that we offer, visit us on the web at Kendall Gkikas & Mitchell, LLP.