Finding Hidden Assets in Divorce
07 April 2017
Our Divorce Solicitors can assess if your partner is hiding financial assets and offer legal advice and guidance as to your next steps.
When negotiating a Divorce Financial Settlement, each person needs to disclose all their financial assets, including property, pensions, savings, stocks and shares, investments and business interests. Only once all the cards are on the table will it be possible to come to an agreement that is fair and reasonable.
Sometimes, however, one person may not be entirely open about their financial position. There may be an attempt to conceal wealth so that it’s left out of the Financial Settlement, preventing their ex from getting a share. There are various ways in which assets may be hidden, including:
- Cash hidden
- Arranged debt
- Deferred bonuses
- Custodial accounts
- Purchases that are overlooked or undervalued
- Property transferred into someone else’s name.
Sadly as Divorce Solicitors, we do see people being economical with the truth during divorce proceedings, particularly if the relationship has turned sour. In fact, Co-op Legal Services commissioned research that reveals more than 50% of people would consider lying about their wealth to deprive a spouse during a divorce.
Our research also showed that five out of 10 women hide their monthly spend from their partner, and one in five men hide their income from their partner. All of this can come out in divorce proceedings, causing some people to get to the end of their relationship and realise that, in actual fact, they never really knew their partner at all.
Uncovering Hidden Assets
If you suspect that your ex is hiding money or financial assets from you, you need to speak to one of our Divorce Solicitors. Each person has a duty to provide full financial disclosure during divorce proceedings. Someone who fails to do so will be breaking the rules, and could be accused of fraud – a criminal offence that can carry a prison sentence.
Our Divorce Solicitors can assess if your partner is hiding assets and offer legal advice and guidance as to your next steps.
We can review the documents and, if we believe there are inconsistencies, can work to uncover any hidden assets. We can achieve this in different ways, such as sending a letter to your ex’s Solicitor, or asking the Court to issue a Court Order demanding that he or she disclose the full extent of their wealth.
In the tradition of the Co-op founders, we believe in the ethical values of:
- Social responsibility
- Caring for others
We uphold these Co-op values in everything we do, including helping people through the divorce process. We believe in transparency and financial fairness, and believe it’s unethical to hide assets during divorce.
At Co-op Legal Services, our Divorce Solicitors can hold people to account, helping to achieve a more secure future for you and your family.