All major events in life require an individual to be prepared and knowledgeable about the situation. Divorce is no different, especially a high asset divorce. Even when spouses are aware of their numerous assets and the complex situation at hand, it could be difficult to be prepared for all the obstacles a high asset divorce could present. Navigating the wealth of the marriage can be challenging, so it may be important to seek financial assistance to sort through assets and property, and also to discover whether there are any hidden assets.
It is not rare for an “ultra-wealthy” spouse to employ tactics to either obscure or circumvent the facts, helping them to hide assets from their soon-to-be ex-spouse. Because this situation is a possibility, it is certainly something to be on the lookout for during dissolution.
While a spouse could be hiding assets throughout the duration of a marriage, it is often the case that a spouse will take these measures in anticipation of divorce. Because they believe that a divorce is imminent, they will start to horde or hide assets. This is especially true in cases where income is derived from cash businesses.
Even if a souse believes that their efforts will adequately keep these assets hidden, the truth is that modern financial forensic techniques could help uncover such assets. In these matters, it is often important to not only seek legal advice regarding the complex dissolution, but also obtain the help and guidance of financial experts.
When a spouse hides assets it will not only create a more complicated divorce, but it could lead to disputes, costing more heartache and time. Those dealing with these or other divorce legal issues should understand that they have options. It is thus important for divorcing individuals to take timely action so that they can hopefully avoid additional pitfalls.
Source: Forbes, “Ex Marks The Spot — The Search For Hidden Assets In A Billionaire Divorce,” Russ Alan Prince, Feb. 17, 2015