When a marriage ends, it is normal for both parties to have serious concerns regarding their individual financial futures. In some cases, this leads one of the parties to attempt to hide assets in order to keep the other from receiving his or her fair share of marital property. This is a frustrating situation, possibly lengthening and complicating the divorce process.
If you believe that your soon-to-be-ex-spouse is hiding assets, you have the right to pursue a fair and reasonable property division settlement. While a complicated process, it is possible to both find and properly value hidden assets, securing a stable financial future after your Tennessee divorce.
What you can do about hidden assets
Hidden assets are a threat to your property rights and your financial well-being after the dissolution of marriage. Finding them is an arduous task, one that you do not have to undertake on your own. With the appropriate help, you can walk through the following steps to locate marital property:
- Initiate a careful review of voluntary disclosures: In most divorces, both parties will submit voluntary disclosures of all assets, which is essentially a list of all marital property. A careful inspection of your spouse’s voluntary disclosure could reveal that there are assets missing from the list, which could be no more than a simple error.
- Request an involuntary disclosure: When you submit a formal request for additional information through an involuntary disclosure, the other party must comply. This can include bank records, tax documents and other evidence pertaining to finances.
- Depose the other party in court: This process allows you or your representation to ask questions regarding potentially hidden assets. This typically happens before a court appearance, and anything said you may later use in a future court proceeding.
The process of uncovering assets is not easy, but it is a worthwhile effort to fight for your future after the divorce is final.
The tough fight for your fair share
Divorce is never easy, but contention over finances can be particularly difficult. When dealing with complications such as hidden assets, you would be wise not to seek a resolution on your own, but to consult with an experienced professional.
When you know your rights, you will be better prepared to fight for a full and appropriate share of what is rightfully yours, even if that means hunting down assets hidden by your spouse. It is an arduous process, but it is well worth it.