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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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  4.  | Unearthing the presence of hidden assets during a divorce

Unearthing the presence of hidden assets during a divorce

| Jun 17, 2020 | Divorce

If you and your spouse decide to take separate paths in life, you may face a variety of difficult decisions, some of which could have a significant impact on your life. While you may consider it vital to take every possible measure to protect your future, preparing a strategy for divorce can be an intimidating process.

As you work to create a plan for what comes next, a portion of your focus may rest in taking steps to identify and obtain the value of all your assets. Identifying all marital property can be somewhat complex, especially if you suspect your soon-to-be former spouse might be hiding assets.

Uncovering hidden assets

Since hidden assets can have a substantial influence on the outcome of a divorce, finding ways to unearth their presence prior to entering negotiations could prove imperative. Some tips that might help you achieve this goal could include:

  • Possible signs: Those attempting to hide assets could attempt to claim they no longer have possession of certain items, or even create false liabilities to alter financial standings and conceal possessions.
  • Transfer of ownership: The other party could also try to conceal assets by transferring ownership of possessions to another party shortly before entering legal proceedings.
  • Hiding spots:  It might also be helpful to consider checking for possible hiding spots such as safes or safety deposit boxes or any other spot in your home that could hold concealed items.
  • Tax returns: Tax returns contain a wealth of useful information and reviewing recent tax documents could help you identify financial discrepancies or signs of misconduct.
  • Mortgage documents: Reviewing information on mortgage closing documents could also play an integral role in identifying assets and uncovering the possible presence of hidden possessions.

Although uncovering the possible presence of hidden assets can be vital to safeguarding your interests during your divorce, it could also prove a challenging endeavor.

Guidance moving forward

Going through the end of a marriage can be stressful and intimidating, and with a great deal at stake, you might be feeling somewhat overwhelmed and in need of guidance. Fortunately, you do not have to go through this alone, and you may find it exceedingly beneficial to speak with someone with intricate knowledge of New York state divorce laws for guidance in navigating the process. Such advice could prove vital to helping you prepare to pursue the most favorable outcome achievable concerning your future during subsequent divorce proceedings.

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