Florida law follows equitable distribution laws when dividing marital property during a divorce. Equitable distribution requires property to be divided fairly between the spouses, which does not automatically mean a 50/50 split. Depending on certain factors, one spouse may receive a larger share of the marital property. Individuals who know this sometimes try to gain an unfair advantage by hiding assets from the process. If successful, assets that should have been assessed for division and could have been awarded to the other spouse are unaccounted for. Uncovering hidden assets is critical to ensuring a fair and just outcome in the divorce process.
If you are going through a Florida divorce, it is crucial that you understand the signs of hidden assets. Below, we share some common signs of hidden assets in divorce and how an attorney can help you.
Signs of Hidden Assets in a Divorce
It is not always obvious when a spouse hides assets during divorce. Therefore, you must watch out for warning signs indicating concealment. The following are some of the signs your spouse may be hiding assets from you in a Florida divorce;
- Suspicious or unexplained withdrawals from your joint bank accounts
- Frequent cash transactions without a clear purpose
- Your spouse is secretive when it comes to questions about your property
- Strange business activities, such as significant changes in a business’s income or the creation of new accounts
- Payment of debts to individuals who were not a priority before the divorce filing
- Refusing to provide necessary financial information promptly
- An unexplained reduction in your spouse’s income
- An unexplained reduction in business revenue
- Your spouse is maintaining a lifestyle that does not match their reported income
- Your spouse is transferring assets to third parties, for example, in the form of loans to family or friends
- A recently opened P.O. Box
- Refusing to provide passwords or access to financial accounts
- “Forgetting” certain assets during disclosures
- Becoming defensive or angry when asked questions regarding property
This is not an exhaustive list of the signs that may indicate your spouse is hiding assets from you in your divorce. If you feel your spouse is hiding assets, speak to an attorney immediately so they can help investigate and protect your rights.
How Can an Attorney Help?
If you suspect your spouse is hiding assets from you, it is vital that you speak to a qualified divorce attorney. An attorney can help you in several ways, including the following;
- Conducting Discovery: An experienced divorce attorney can use legal tools such as depositions, interrogations, and requests for production to uncover hidden assets such as bank accounts and business interests.
- Hiring Experts: Your attorney can work with experts such as forensic accountants, tax professionals, or valuation experts to analyze complex financial activities, find missing money, and evaluate business or asset values accurately.
- Issuing Subpoenas: If your spouse refuses to disclose information voluntarily, an attorney can issue a subpoena to compel them to produce documents or testify under oath.
Our Experienced Divorce Attorneys Can Help
At Tampa Bay Legal Center, P.A., our skilled divorce attorneys can help you find hidden assets during the divorce process so you can get your share of the settlement that you deserve. Contact us today to schedule a consultation.
