Hidden assets can affect the outcome of a divorce in New Jersey | Lane & Lane, LLC
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Hidden assets can affect the outcome of a divorce in New Jersey

Many individuals in New Jersey and across the country consider their financial future to be a high priority. Those who are facing divorce may wish to safeguard this area of life, but with numerous aspects to cover, they may require assistance in the process. Before entering negotiations, a person may find it beneficial to ensure that all marital assets are accounted for, as failing to uncover hidden assets could have a substantial impact on the outcome of a divorce.

Those who wish to uncover the presence of hidden assets may find it beneficial to gain an understanding of some of the common ways in which they go unnoticed. One might consider checking into any recent transfers, whether from joint accounts to individual ones, or even to another party entirely, as this could be a sign that the other spouse is attempting to hide assets. One may also seek to shelter assets from divorce by securing a life insurance policy, though the procedure to do so is somewhat complicated. Ensuring that any newly acquired policies are uncovered prior to divorce could prove beneficial.

If a business is involved, a person might want to obtain documentation of all transactions, as a person could attempt to hide assets by adjusting business expenses. One may also make unusual purchases prior to divorce, and obtaining the value of such endeavors is advisable. Having an understanding of financial standings prior to divorce could help prevent such an unlawful act, but in some cases, identifying all assets could prove difficult.

With the potential gravity of the outcome of a divorce, one might find it advisable to seek guidance in covering every aspect. By speaking with a family law attorney, a person in New Jersey could obtain assistance in navigating the process. An attorney can evaluate a client's financial concerns and needs and assist in pursuing the best outcome possible during legal proceedings.

Source: huffingtonpost.com, "Be Smarter: 8 Ways Your Spouse Can Hide Assets Before A Divorce", Roxana Maddahi, Accessed on Nov. 1, 2017

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