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Is It Possible for My Spouse to Get Away With Concealing Assets During Our Divorce?

All too often, spouses in high-asset divorce cases, fearing the worst in a prospective divorce judgement, attempt to conceal or hide assets in order to avoid paying the other spouse additional money or giving up other assets.  High-profile divorces in the media with record-setting monetary judgments also scare spouses into thinking that they will lose everything in their divorce.

Furthermore, technological advances have made it increasingly simple to hide assets in offshore accounts and financial institutions abroad.  Plus, by hitting a few buttons on a computer or even a cell phone, a spouse can immediately transfer funds among accounts, or even among banks.  This can make it even more difficult to trace hidden assets when a spouse is adept at concealing them.

In a Georgia divorce, both spouses are required by the court to fully disclose all of their financial information, including all assets and their approximate value.  Spouses regularly have to provide documentation of each asset and its valuation, whether it is through a bank account statement, a retirement plan statement, an appraisal, or another type of financial document.  This documentation typically requires past documents, sometimes years prior to the divorce, be turned over for analysis.   A spouse who attempts to conceal assets may face very serious consequences if the court discovers that he or she has not fully disclosed all of his or her assets.  So that one-second transfer of assets, if not accounted for, can lead to serious consequences in terms of a judge or jury financial judgment.

Keep in mind that proving that hidden assets exist can be difficult, time-consuming, and expensive.  It is often routine for a forensic accountant to be utilized in determining whether your spouse is engaging in financial fraud or other tricks that are designed to hide assets from you.

An Atlanta divorce lawyer at Shaw Law Firm LLC can help advise you about the potential for hidden assets and how their discovery can impact the outcome of your divorce. Contact us or call today to learn how Shaw Law can work with you to achieve the best outcome possible for you and your children.

Scott Shaw is founder and principle of Shaw Law Firm, LLC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.