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Hidden assets can affect the outcome of property division

On Behalf of | Mar 21, 2019 | Property Division |

The purpose of property division in Florida divorces is to give each party a fair share of marital assets. Though this division is equitable in nature, it is not always equal. As a result, there is usually a lot at stake when the parties cannot agree to the terms of property division. This means that those of us who find themselves in this position need to ensure they do everything they can to protect themselves and their financial interests.

One way to do this is to be on the lookout for hidden assets. Knowing that marital property can be subjected to the property division process, many divorcing individuals are tempted to hide assets so that they can keep them and utilize them post-divorce. These assets could be just about anything, from investments and bank accounts to property and jewelry. Knowing how to locate hidden assets is one way to ensure one gets a fair share of all marital assets.

The first place to look for red flags is tax returns. Here, itemized deductions, claimed interest capital gains and supplemental income claimed on a tax return can leave a trail easy enough to follow back to the assets in question.

An individual can also search known hiding places for physical assets that are being kept away from the divorce process. A safe, safe deposit box and other places in the familial home where assets are kept may serve as the hiding place for secretly acquired assets.

Generally, those who are hiding assets will claim that the assets do not exist, that they were transferred to a third-party or that they were lost. However, with a little legwork, a Floridian can increase the likelihood of uncovering these assets, thereby subjecting them to the property division process. Doing so can be key to securing financial stability post-divorce and including all marital property in the divorce process is just downright fair. Those who have questions about how to deal with property division issues like this should consider sitting down with an attorney who can provide them with the guidance they need.

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