When you are navigating a divorce, you understand that most things about your life are going to change. You may have to move, live in a new home, support yourself on your income alone and more, and you likely have concerns about how this process could impact your long-term financial health. It is critical to secure a fair property division settlement during your divorce so that you can move forward effectively.
In order to have a fair property division settlement, both spouses will have to be completely honest regarding marital assets and debts. A full financial disclosure is necessary in order for you to receive your fair share of all marital assets and to ensure that you do not leave your marriage with an unfair portion of joint debt. In some divorces, a spouse may try to hide assets so that he or she can retain more assets or avoid paying the other spouse the rightful share.
Types of assets often hidden
There are some assets that may be easier to hide during a divorce. It is possible that you may be unaware of some of these hidden assets until you notice discrepancies in the information provided by your spouse. This is more common in divorces involving significant assets or large amounts of money, but it can happen in any situation. Some of the most common types of assets that a spouse may try to conceal for his or her own benefit during a divorce include:
- Bank accounts
- Digital assets, such as bitcoin
- Stock options or investment portfolios
It is particularly easy to hide assets if you and your spouse did not share finances or accounts over the course of your marriage. If you suspect that your spouse is not being totally honest in his or her financial disclosures, you may benefit from employing the services of a forensics accountant.
Fighting for your fair share
You have the right to fight for your fair share of all marital property during an Arizona divorce. If you suspect that your spouse is not being honest, you may benefit from seeking insight regarding how you can protect your interests and fight for the outcome you deserve. An assessment of your case can help you understand if hidden assets could be affecting your ongoing divorce.
