The divorce process is quite stressful and can bring about the worst in a person. As emotions run high, you could behave badly. No matter how you want to stay calm, your spouse may act out during the divorce. In this situation, you may need to deal with many issues.
In a high-asset divorce, one spouse may punish the other by hiding assets to protect them from a possible split. It is easy to create secret accounts or hide assets of significant value. If you suspect that your spouse wants to mess up the asset division process during your divorce, you must protect yourself. A divorce attorney Newton MA can be your best ally in this situation. If you are in a high-asset divorce, here’s what you can expect in your case:
The Court Will Divide Your Assets Equitably
Assets that a Massachusetts divorcing couple has acquired during their marriage will be divided fairly and equitably. Any accounts or possessions and debts will be split between you and your spouse, barring a prenuptial agreement. The asset division process includes reporting assets to a family court. Your spouse may omit assets from this report, hoping to avoid sharing them with you. You can turn to your lawyer to ensure this does not happen. And if this has already happened, they can help you locate these assets.
You Can Track Down Assets by Securing Copies of Financial Records
Ensure you have physical or digital copies of financial records from your marriage. Records such as credit reports and income tax statements can help you find all the marital debts and assets.
If you have significant marital estates, you may need to work with a forensic accountant your attorney can recommend. The accountant can carefully review your documents and transactions, find missing funds and patterns that could tell you that your spouse tried to build or hide a cash reserve.
There are a lot of ways your spouse can hide assets from you. They may have built up a huge amount of cash by regularly withdrawing small amounts from shared accounts. Also, there might be physical assets with significant value such as jewelry or collectibles you don’t want to retain. In some instances, your spouse may hide the funds in secret bank accounts. Keep in mind that if you cannot find these assets and report them to the family court, you cannot get a fair part of your marital estate.