Baltimore & Towson Lawyer Discusses Hiding Assets in a Divorce in Maryland
While it is true that some divorcing couples are still able to be cordial toward each other as they end their relationship, many couples continue to fight each other tooth and nail until the bitter end. Putting their personal business out on the table is the last thing some individuals want to do; however, it is a necessary part of the divorce process.
Some individuals who have high net worths or own businesses may see the divorce as a serious threat to their livelihood and financial wellbeing, so much so that they attempt to protect themselves by hiding certain assets from the other spouse. Regardless of the individual’s motives, hiding assets can lead to serious problems in the long run.
Signs to Look For
A fair portion of the divorce process concerns the parting couple’s finances. Individuals who do not want their soon-to-be exes to get a penny will try to hide any and all assets in an effort to deprive their spouses -- or so they think. There are a few signs that individuals can look for if they believe their spouse is attempting to hide assets.
For instance, if a spouse maintains cash in the form of travelers checks, that may be an indication he or she is trying to hide exactly how much money is available. Another sign may be unreported income on tax returns and/or financial statements. Some individuals even open custodial accounts in their child’s name and name themselves as the account holder.
If a spouse owns a business, he or she has even more ways to hide assets. For example, in an effort to reduce income, the owner/spouse may begin paying for personal expenses through the business and marking them as “business expenses.” Additionally, an owner/spouse might begin transferring assets to third parties, such as friends or relatives.
What Can You Do if You Think Your Spouse is Hiding Assets?
First and foremost, if the thought has crossed your mind that your soon-to-be ex-spouse is hiding something, chances are he or she probably is. If you have that hunch, you are encouraged to contact a skilled family law attorney as soon as possible. Lawyers who handle these types of cases are quite familiar with the tricks used by spouses to hide assets and/or property and can help you present your case to the court.
Further, you can begin compiling your own evidence by collecting all bank statements, cancelled checks, tax payments and returns, pay stubs and any other documentary information that has been left as part of a paper trail. Even though it may seem like an impossible task, if you seek legal counsel, the task can be successfully accomplished.
If you are in the process of obtaining a divorce and you believe your spouse is hiding assets and/or property in Baltimore, Towson or elsewhere, contact the Law Offices of Amar Weisman, LLC right away. Let us help you obtain all to which you are entitled.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.