Crystal Wright | December 15, 2023 | Property Division
Divorce is an inherently challenging process. It can become even more complicated when there are suspicions your spouse has hidden assets. In Georgia, where state law requires an equitable distribution of marital assets, you must know about all assets to have a fair settlement.
An experienced Lawrenceville divorce lawyer can help you uncover any hidden assets and navigate a divorce when you are suspicious about marital assets.
The issue of asset division often clouds divorce proceedings. This is difficult when there is a suspicion that one party might be concealing assets. If you suspect hidden assets in a divorce, there are some proactive steps you can take to uncover assets.
Understand Equitable Distribution in Lawrenceville, GA
Georgia’s family law mandates equitable distribution of marital assets in a divorce. Unlike a strict 50/50 split, this approach considers factors like each spouse’s financial status, contributions to the marriage, and future needs. However, achieving equitable division requires both parties to disclose their assets to the other. This must be done fully and honestly.
If one spouse is underreporting income or hiding assets, it could impose unfair financial obligations on the other. For example, hidden assets can significantly affect spousal support and child support. You do not want to be the victim of improper support calculations.
Recognize the Red Flags of Hidden Assets in Lawrenceville, GA
Many types of assets can be hidden. Common examples include secret bank accounts, unreported income or assets that have been transferred to third parties. These can be hard to locate, even if you have a sneaking suspicion. While red flags include unexplained transactions or withdrawals, these are not always definitive.
Obtain Financial Documentation
The first step in uncovering hidden assets is to review all your financial records. This includes collecting bank statements, credit card statements, tax returns, and loan applications. Pay close attention to irregularities. Red flags include unexplained withdrawals or transfers to unknown accounts.
Another red flag is digital cryptocurrency, which spouses have used to conceal large quantities of assets. Be sure to review records and identify any long-term financial patterns.
A forensic accountant can help uncover hidden assets. These professionals are trained to scrutinize financial records. They can identify hidden assets, underreported income, or overstated expenses.
Consult a Lawrenceville Divorce Lawyer
Consult with a divorce attorney who has experience in cases involving hidden assets. They can guide you through the legal process and request detailed financial disclosures from your spouse. They can also draft subpoenas to obtain financial records from banks or employers. This can help you uncover hidden assets and build a strong case.
Seek Court Intervention
You can ask the court for assistance if your spouse is uncooperative or if evidence suggests they are hiding assets. A court can order additional disclosures, provide access to records, or temporarily freeze assets to prevent further concealment. If a spouse is found to be hiding assets, the court can even impose penalties, which may include awarding you a larger share of the marital assets.
Review your financial records and document all marital assets if you suspect hidden assets in your divorce. Monitor your finances and contact a Lawrenceville divorce lawyer right away. A lawyer can help protect your right to marital assets.
A Divorce Lawyer in Lawrenceville, GA Can Help if Your Spouse Is Hiding Assets
The suspicion of hidden assets in a divorce can be a significant source of stress and uncertainty. However, with diligent records or forensic analysis, you can get to the bottom of it. A Lawrenceville divorce lawyer can also navigate this issue effectively.
If you are facing challenges in your divorce, consult a divorce lawyer. Your attorney can guide you through uncovering hidden assets to ensure a fair and equitable divorce settlement.
Contact the Divorce Lawyers at Crystal Wright Law To Get Legal Assistance Today
To learn more and get the help you deserve, call our divorce & family law firm at (404) 594-2143 or reach out to Crystal Wright Law online by visiting our contact us page.
You can also visit our law firm at 440 S. Perry Street Suite 105, Lawrenceville, GA 30046.