Feature Article
Exposing Hidden Assets: What to Do When Your Ex-Spouse is Hiding Assets in Your Arizona Divorce
The process of getting a divorce can be stressful, but it becomes even more complicated when one spouse starts hiding assets from the other. If you suspect your ex-spouse is hiding assets, it's important to take swift action to protect your interests. In Arizona, there are several legal remedies available that can help you uncover any hidden assets and ensure a fair division of marital property.
What are Hidden Assets?
Hidden assets are assets that one spouse intentionally conceals from the other during divorce proceedings. This could include cash, stocks, real estate, cars, or anything else of value that one spouse does not want to share during the divorce. This can be done by transferring assets to friends or family members, opening secret bank accounts, or undervaluing assets during the divorce proceedings.
Why Do Spouses Hide Assets?
There are several reasons why a spouse may hide assets during a divorce. One reason could be to avoid having to divide property with the other spouse. Another reason may be to reduce the value of the marital property, which could lead to a lower settlement or lower child support payments. Spouses may also hide assets to protect their businesses or to avoid paying taxes.
Legal Remedies for Uncovering Hidden Assets
If you suspect that your spouse is hiding assets, there are several legal remedies available that can help you uncover the truth. One remedy is to request financial documents from your spouse during the discovery process. This can include bank statements, tax returns, and investment statements. Your lawyer can also subpoena financial records from third parties, such as banks or financial institutions, to obtain a complete financial picture of your ex-spouse's assets and income.
Hiring a forensic accountant is another option. A forensic accountant is an expert in tracing and analyzing financial transactions. They can examine financial records and identify any discrepancies that may indicate hidden assets.
If you believe your spouse is hiding assets, it's important to inform your legal representation so that they can utilize legal discovery tools, such as subpoenas and depositions, to uncover these assets. Once the undisclosed assets are found, this information can significantly impact settlement negotiations for a more equitable division.
Impact of Hidden Assets on Division of Property
Arizona is a community property state, meaning that any property acquired during the marriage is considered marital property and is subject to equal division. If one spouse is hiding assets, it can significantly impact the division of property. When hidden assets are uncovered, they will be taken into account during property division and the spouse who hid them may be penalized for doing so. Penalties may include having to pay attorney's fees and court costs incurred to locate and recover the hidden assets or being awarded a smaller share of the property.
Conclusion
Going through a divorce is a challenging time, but it's crucial to protect your interests and assets during the proceedings. If you suspect your ex-spouse is hiding assets, it's important to take swift action to uncover the truth and ensure a fair division of marital property. Speak to your lawyer to discuss the legal remedies available and what can be done to uncover hidden assets in your Arizona divorce.
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