Asset Tracing In A Florida Divorce
Legally ending a marriage is complicated and one of the most difficult aspects of this process often involves dividing up a couple’s assets. As a part of this endeavor, both parties to a divorce will need to disclose certain details about their finances to each other, ensuring that all assets are accounted for, properly appraised, and if applicable, split up. Unfortunately, not all spouses are honest about their holdings and may actually try to hide their property, in which case, it may be necessary to engage in the process of asset tracing.
Some Spouses Avoid Making a Full Financial Disclosure
As a part of the Florida divorce process, couples must provide each other with a complete and honest disclosure of their financial situations. This in turn means that both spouses must make a list of all of their assets, from bank accounts and investment properties to real estate holdings and valuable personal possessions. Only when these assets have been disclosed can the parties move forward with the property division process. Unfortunately, despite the clear legal obligation to make a comprehensive financial disclosure at the time of the divorce filing, many spouses try to avoid a fair division by withholding this information. This could take the form of underreporting income, overstating debts, or even transferring property to a secret account or to a third party on a temporary basis. This kind of dishonesty is unlawful and can also lead to an unfair settlement outcome.
Asset Tracing Can Help Uncover Hidden Assets
Spouses who suspect that their partner is trying to hide assets can take steps to hold that party accountable, one of which is asset tracing. This is a process by which one spouse can track down and value assets that the other may have concealed. There are a few different methods of asset tracing that can help uncover valuable property, including:
- Reviewing financial records, like bank statements, credit card statements, and investment accounts for unusual transactions;
- Searching property records for real estate transactions to identify property that has been purchased, sold, or transferred during the marriage;
- Investigating business holdings, which can be used to conceal income and property;
- Examining tax returns to uncover inconsistencies and hidden income; and
- Forensic accounting, wherein specialized accountants analyze financial records to identify hidden assets.
By utilizing these methods, our legal team can help track down assets that your spouse may not have disclosed or have purposely attempted to hide, giving you a better chance of a fairer split of your marital assets.
Here to Help With the Property Division Process
Dedicated Florida property division lawyer Sandra Bonfiglio, P.A. has the experience and skills to grapple with the most complex property division issues. If you have questions about asset tracing, we can help. Call us at 954-945-7591 or send us an online message to set up an initial consultation with a member of our Fort Lauderdale legal team. We are standing by and prepared to get started on your case right away.
Sources:
flcourts.gov/content/download/685889/file_pdf/932.pdf
forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/