Dividing assets during a divorce is a complicated process, especially for wealthy families. One spouse is usually better at anticipating the divorce than the other and can make arrangements to protect or hide assets. There are numerous methods a spouse can use to misrepresent their wealth, some of which are within the realm of legal asset protection. This is not always the case, however, and these deliberately deceptive methods can make an already complex process even more difficult. It is critical to locate and identify all marital assets so that each spouse’s interests are properly protected.
In order to track down hidden assets, the other spouse’s legal representatives will often seek assistance from forensic accounting experts. These experts thoroughly review all financial details and can help with recording and valuing all assets. If a spouse has attempted to hide assets, they will usually leave traces, such as unusual transactions between controlled entities or transfers of title. Experts warn that hiding assets may be more trouble than it’s worth as they always leave a paper trail.
Hiding Assets Can Make Difficult Negotiations Worse
Once all of the couple’s assets have been discovered and reported, they must be valued. The spouses and their representation must come to an agreement which can be extremely challenging, as each party is trying to protect their own interests. Illiquid or lightly traded assets can be especially difficult to come to a consensus on, even when financial experts are consulted.
Attempting to hide assets can work against a spouse when attempting to reach an agreement. In most cases, settling out of court is more beneficial for both parties, but contentious financial disputes often need to be arbitrated by a judge. If a spouse has taken extreme measures to keep financial details secret, it can hurt their credibility and jeopardize their property division. The ramifications can extend beyond the divorce as well – divorce cases involving wealthy couples are often well publicized, which can affect reputations and career development opportunities.
Bel Air Divorce Lawyers at Huesman, Jones & Miles Help Clients Sort Through Complicated Asset Distribution
Bel Air divorce lawyers at the Hunt Valley family law firm of Huesman, Jones & Miles have the knowledge and experience to help you navigate the complexities of reaching a financial settlement. Our professional, dedicated legal team will thoroughly review the details of all your finances, and we are determined to reach the best possible outcome for you and your family while protecting your interests. With offices conveniently located in the Baltimore area, we serve clients throughout Maryland including those in Carroll County, Harford County, Howard County, Baltimore County, Essex, Towson, Columbia and Westminster. Call us today at 443-589-0150 or contact us online to schedule a confidential consultation with a qualified Bel Air divorce lawyer.