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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.  | Knowing how to identify and uncover the presence of hidden assets

Knowing how to identify and uncover the presence of hidden assets

| Aug 20, 2020 | Divorce

If you are going through the end of a marriage, you might be facing a variety of difficult choices, some of which could have a significant influence on your life. With a great deal on the line during your divorce, one of the most pressing topics could pertain to finding ways to protect your financial future.

While there may be a variety of crucial topics to consider, at least a portion of your focus might rest in identifying and valuing all your marital assets. Being thorough in performing such an endeavor may not only better prepare you for what comes next, but it could also help uncover the presence of hidden assets.

Finding hidden assets

Uncovering hidden assets could prove essential as these assets may have a significant influence on the outcome of your divorce. Some topics to consider concerning hidden assets in divorce could include:

  • Asset inventory: While taking inventory of marital assets, it might be helpful to watch out for certain issues, such as debts that seemingly arise out of nowhere, as false debts could be a sign of an attempt to hide assets.
  • Suspicious behavior: In some cases, a person could also attempt to conceal assets by temporarily transferring ownership to family members or friends or by claiming to have lost possession of an item.
  • Hiding spots: You may also find it helpful to consider searching through any safes or other hiding places in your home for hidden assets or even safety deposit boxes previously used to store possessions.
  • Helpful documents: Searching through recent tax returns and mortgage documents may also prove vital, as these often hold a wealth of information when it comes to marital assets.

Taking the time to gain insight into New York state divorce laws could also help provide you with a clearer picture of how to identify and value marital assets.

Safeguarding your future

While identifying the presence of hidden assets during the end of your marriage can be an intimidating and complex process, it could also be vital to safeguarding your financial interests. In some cases, hidden assets could hold significant sentimental value or even considerable monetary worth. As such, knowing how to identify all marital assets could prove vital to developing a strong strategy for negotiations, which may play an integral role in helping you protect your future as you prepare to open a new chapter in life.

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