Finding Hidden Assets in a New York Divorce
Brooklyn law firm identifies undisclosed property
Spouses getting divorced in New York have a legal obligation to disclose all their income, assets and debts, which are relevant to issues of support and equitable distribution. In spite of this, some spouses attempt to keep assets secret or to put them out of reach of the process. At Goldberg Sager & Associate in Brooklyn, we are committed to finding hidden assets in a New York divorce and to making sure they are accurately valued, so that our clients’ interests are protected.
Why a spouse may hide assets in divorce
Spouses may feel impelled to hide assets in order to gain a greater share of the marital property. They may believe a particular asset is theirs alone, they may have sentimental attachment to an item or they may be angry at their spouse and want to keep assets for revenge. Whatever the reason, doing so can cause dividing property to be carried out unfairly. If you believe your spouse may be hiding assets, we will counsel you about steps that can be taken to find, identify and recoup them.
Common types of assets that are hidden
Spouses may try to hide cash, gifts, vehicles, investments, crypto holdings or expensive jewelry, among other assets. They might open secret bank accounts, set up offshore bank accounts, create shell companies or store items in a safety deposit box that only they control. In addition, business interests or income may be understated and/or diverted to other uses. Whatever kinds of assets are being hidden and wherever they are located, we take positive steps to find them.
Red flags a spouse may be hiding assets
These are some of the indicators that a spouse may be hiding assets:
- Unexplained and large financial transactions showing up on statements
- Missing banking or investment statements
- Unwillingness to share banking passwords
- Discrepancies in financial documents
- Reluctance to discuss financial issues
- Underreporting of income on tax returns
If you notice any of these signs, we can begin an investigation.
What to do if you suspect your spouse is hiding property
Keep a written record of suspicious events that occurred, noting dates and times. Examine financial documents that you have access to and make copies of them. You can also contact your bank to inquire about any unexplained withdrawals. Most importantly, get legal help right away.
How our Brooklyn attorneys uncover hidden assets
Through discovery interrogatories, subpoenas and depositions, we are often able to discover whether and where assets are hidden. We may engage forensic accountants and valuation experts to analyze bank records and financial statements, and, if needed, bring in private investigators.
Hidden assets in high-net-worth divorces
Finding hidden funds and property in a high-asset divorce case can be especially difficult. High-net-worth couples often have businesses, trust funds, overseas properties and multiple investments. Our lawyers are experienced in conducting thorough investigations, regardless of the complexity of assets involved.
