As half of a New York couple with very high assets, you will likely run into problems that other individuals without as many assets simply won’t have to face. For example, the higher the assets are in a divorce, the more likely it is that a spouse may try to hide assets from you during the dividing process.
When a spouse attempts to hide assets during divorce, this means that they are trying to make it seem as though they have less to give than they actually do. This is because shared assets between couples need to be split equitably or equally. Spouses may feel this is unfair for many reasons. Some simply want to spite their partner, while others feel like they genuinely aren’t in the financial place necessary to lose large sums of money, such as if one spouse worked while the other stayed at home.
It can be difficult to determine when a spouse is trying to hide assets. Unfortunately. the financial documentations you are given may not be very helpful on first glance, as spouses trying to hide assets will take measures to avoid their trickery being documented. This usually means handling things in cash to avoid it being recorded. Your other best bet is to keep a close eye on their behavior. Are they repaying more debts suddenly? Are they making changes to their spending or saving habits? These may all be warning signs.
Hidden assets are just one hurdle that high-asset divorcees have to worry about. You can visit the link here for more information on our web page focusing on the same topic.