Some spouses attempt to hide assets during divorce to avoid sharing them. While this can happen, Florida law requires full financial disclosure, and courts take hidden assets very seriously. If you are concerned about transparency, working with an experienced attorney and financial professionals will help ensure that all assets are properly identified and divided.
Financial Honesty Is Required in Divorce
When you go through a divorce in Florida, you and your spouse are legally required to provide complete and honest financial disclosure. This includes identifying income, property, debts, retirement accounts, and other financial assets. The court will use this information to divide marital property fairly through a process called equitable distribution.
However, a spouse may attempt to hide assets to keep more than their fair share. This can happen for many reasons, including anger, fear, or a desire to gain a financial advantage. If you suspect this may be happening, it is important to understand that the legal system has tools designed to uncover hidden assets.
Common Ways Assets May Be Hidden
When people attempt to hide assets during divorce, they tend to use similar tactics. While not every unusual financial transaction is suspicious, some behaviors should raise questions.
For example, a spouse might:
- Transfer money to a friend or relative temporarily
- Delay receiving bonuses or commissions until after the divorce
- Under report income from a business
- Move funds into new or previously undisclosed accounts
- Purchase expensive items that can later be sold for cash
Sometimes the effort is not particularly sophisticated. In other cases, hidden assets may involve complicated financial arrangements that require professional analysis.
Financial Disclosure Requirements in Florida
Florida courts require both spouses to complete a financial affidavit, which lists income, assets, debts, and expenses. In addition, both of you must provide supporting financial documents, such as bank statements, tax returns, and retirement account information.
False information on these disclosures can have serious consequences. If the court determines that a spouse intentionally hid assets or provided misleading information, the judge can impose penalties. These penalties may include awarding a larger share of assets to the other spouse or ordering payment of the other side’s attorney fees.
In some situations, hiding assets may even expose the dishonest party to additional legal consequences.
How Hidden Assets Are Discovered
If you are concerned that your spouse may not be fully transparent, there are several ways hidden assets can be uncovered.
Attorneys can request financial records through a process known as discovery, which may include document requests, subpoenas, and depositions. Financial experts, such as forensic accountants, can analyze records to identify inconsistencies or unexplained transactions.
Even simple questions about spending patterns or missing funds can reveal problems that deserve closer examination.
It is important to remember that divorce records will include multiple years of financial history. This makes it more difficult for someone to conceal assets without creating noticeable gaps or discrepancies.
Protecting Yourself During Divorce
If you suspect that your spouse may be hiding assets, it is important to remain calm and gather information rather than making accusations without evidence. Begin by organizing financial records and documenting any unusual financial activity you notice.
Working with an experienced family law attorney can help you understand your rights and determine whether additional investigation is necessary. Your attorney can also help you request the documents and information needed to ensure that all marital property is properly identified.
Divorce can be emotionally difficult, but transparency and careful legal guidance can help ensure that the outcome is fair.
FAQs
1. Is it illegal to hide assets during divorce?
Yes. Florida law requires full financial disclosure, and intentionally hiding assets can result in serious legal penalties.
2. How can hidden assets be discovered?
Attorneys can use discovery tools, financial document requests, subpoenas, and forensic accountants to investigate suspicious financial activity.
3. What should I do if I suspect hidden assets?
You should discuss your concerns with your attorney and begin gathering financial documents that may help clarify the situation.
Bergermann Law Firm was founded in 1996 by Vera Bergermann. Ms. Bergermann has been practicing law since 1979 and has over 40 years of legal experience.
Ms. Bergermann’s first law job was as the 1979 summer intern for the State’s Attorney’s Office, Juvenile Division, Homicide Unit, on the South Side of Chicago. This eye-opening experience led her to the corporate world later that summer when she joined the legal department at ITT and became a staff attorney negotiating and drafting contracts for telecommunication systems.
