Divorce is a trying, potentially contentious time. Before this legal process of marital separation can be complete, the splitting factions must resolve several personal, financial, and legal issues.
One such concern is asset distribution. Occasionally, however, dishonest individuals might try to hide money or property. A Greensboro family law attorney advises would-be clients that there are ways to identify this questionable behavior and actions that can be taken to circumvent it.
Reasons A Divorcing Spouse Would Conceal Assets
North Carolina courts require parting spouses to divide the entirety of their marital property, which is material said parties accumulated during their marriage’s duration.
Naturally, divorce can result in serious adverse financial consequences for one or both separating entities. Therefore, concealing certain assets might help soften the economic blow once the legal process is completed.
Signs Spouse Is Withholding Money Or Property
A divorce lawyer Greensboro cautions divorcing parties to be alert to specific telltale indicators such as:
One who is hiding funds often overstates their debts. Many people demonstrate some level of drama regarding the debts they face. However, those who are overly dramatic, overstate, or even overinflate their arrears may be trying to win sympathy or deflect attention.
If the concerned entity notices that their soon-to-be ex has executed expensive purchases or is suddenly living a more luxurious lifestyle, alarm bells should sound.
Spouses concealing assets might hide mail or be overly anxious to access banking or credit statements before others can.
If an individual’s name suddenly gets removed from a banking or savings account, there is a good chance the other party is involved in some type of untoward behavior.
Steps One Can Take
Those who suspect their spouse might be engaging in such practices are urged to contact a family law lawyer Greensboro. It is important to state that the jilted party should not try and take matters into their own hands. Such actions can be convoluted and even illegal.
A divorce attorney Greensboro NC might be able to mandate the alleged asset concealer go through a process called discovery where they are legally required to disclose the entirety of their assets. Moreover, specialized investigative professionals called forensic accountants are trained to locate and identify hidden assets.
The Law Office of Mercedes O. Chut employs a team of family lawyers and staffers holding vast experience handling these circumstances. Please visit https://mercedeschut.com/about/ for further information about the firm and the services its employees provide.