Searching for Hidden Assets in Divorce
People who are moving toward divorce will often go to great lengths to hide assets in an attempt to keep them entirely for themselves. At The Law Offices of Wendy Raquel Hernandez, P.C. in Phoenix, we track hidden assets and bring them to the forefront so they may be included in the eventual property division agreement or order.
Arizona law considers any property acquired during the marriage to be community property, with the exception of personal gifts and inheritances. All community property must be divided equitably between the two parties.
Tracing Assets
Often, one party will make a run on the bank or investment accounts, cashing in assets and hiding them from the other spouse. We can subpoena the bank or investment company for account records. By obtaining cancelled checks and other documentation, we can determine where the money has gone and take aggressive legal action to force the other party to return the funds.
Common Ploys
Some spouses will transfer funds to a friend, family member or business account to hold until the divorce is final. Others may purchase antiques, art or other valuables to hide away and later sell. In some instances, a spouse may ask that his or her employer or business partner withhold commissions, bonuses or stock options until after the divorce is final. We make every effort to ensure that the hidden assets are recovered so they can be divided fairly.
We can also look for funds that have been misused. For example, if one member of the couple paid for rent, tuition, travel or expensive gifts for a girlfriend or boyfriend, we can seek to have that money repaid to the marital estate.
Cost-Benefit Analysis
Tracking down hidden assets is detailed and time-consuming work that can involve sifting through mountains of documents. We can help you weigh the costs and potential benefits involved in tracking down hidden assets. In some instances, the investment in tracking down hidden assets is clearly worth the anticipated return.
If you suspect your spouse has hidden assets in an attempt to avoid their division in the divorce, it is wise to speak to an experienced divorce lawyer as soon as possible. Please contact our Phoenix law office to arrange a consultation with attorney Wendy Raquel Hernandez.
