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Uncovering hidden assets prior to divorce proceedings

Many individuals in California and elsewhere place a great deal of importance on maintaining a healthy financial future. For those facing divorce, there may be some concern as to how the outcome will affect this area of life, and what they can to to protect it. Prior to entering divorce proceedings, a person might find it essential to identify all marital assets and ensure that none remain hidden throughout the process.

In community property states, such as California, marital assets are intended to be divided equally between both parties. However, if an asset remains unnoticed, it might not be included in the process, which could prove devastating. While identifying assets prior to divorce, it may be advisable to check for any inconsistencies or sudden transfers in joint accounts, as these could be an indication the other party is attempting to hide assets.

Additional places to look for hidden assets may include recently acquired life insurance policies and sudden changes in business-related expenses. In some cases, one party may also seek to transfer funds to family or friends, and identifying these transactions could prove vital. However, identifying all marital assets and uncovering hidden ones can be a daunting task.

The outcome of a divorce can have a significant influence on a person's future, and seeking guidance in the early stages may be advisable. A family law attorney can provide a person with advice on how to identify and value all marital assets, and where to look to ensure none remain hidden. An attorney can subsequently assist a client in pursuing the most favorable outcome possible concerning his or her financial future.

Source: huffingtonpost.com, "Be Smarter: 8 Ways Your Spouse Can Hide Assets Before A Divorce", Roxana Maddahi, Accessed on Jan. 31, 2018

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