Financial Discovery and Hidden Assets
The financials of divorce can be overwhelming. Not only do individuals need to consider financial agreements including alimony and child support, but there is also the matter of dividing co-mingled marital assets. While some divorces can be relatively straightforward with couples on the same page, most will involve a financial discovery period. It is also surprisingly common for individuals going through a divorce to attempt to hide their assets through any number of methods.
The financial discovery and hidden asset divorce attorneys of Jacobs Berger approach each divorce case we take as a new opportunity to help architect our client’s future. This includes securing a strong financial foundation for clients from Morris County towns including Morristown, Randolph, Madison, Denville, Dover, Rockaway, East Hanover, and all of Northern New Jersey. Our firm does not offer the cookie-cutter legal services that you might find at larger firms. We take pride in offering dynamic and personalized legal solutions to fit your individual needs.
Call our office today for a confidential and comprehensive case assessment regarding your divorce proceedings or any concerns you may have regarding the financial discovery process or potentially hidden assets.
Hidden Asset Divorce Attorneys Define “The Discovery Process”
A major part of most equitable distribution processes is what is known as the discovery process. This period is meant to provide a full and accurate picture of the financial standing of both parties individually and as a married couple. Methods for discovery can include written requests for financial documents, depositions (testimony), providing financial documentation, and more.
By using the evidence provided, it is possible that our Randolph hidden asset divorce attorneys will be able to show that your spouse is intentionally hiding assets. If you are suspicious that this may be the case, please inform your attorney right away. Financial documentation which can be discovered during this period may include but is not limited to:
- Tax returns
- Financial statements from owned businesses
- Owned real estate and personal property
- Statements from checking, savings, and retirement accounts
- Loan information
- Financials of owned mutual funds, stocks, bonds, stock options, and more
- Wills and trust agreements
- Life insurance
- Much more
Financial Discovery Lawyers Uncover Hidden Assets in Divorce
There are two primary methods which our Madison financial discovery lawyers may employ in order to uncover hidden assets: notices to produce and interrogatories. These are both methods by which we may be able to bring the truth of your spouse’s financial situation to light.
Notices to produce are formal requests sent to your spouse or his or her attorney to release financial documentation. Once requested, it is unlawful to refuse to share these financial documents (assuming it is possible to do so). Failure to produce requested financial documents may result in legal penalties being leveled against your spouse.
Interrogatories is a term which refers to depositions or testimonies given under oath. These depositions take place outside of the courtroom, but are considered legally analogous to sworn courtroom testimony. Failure to answer fully and honestly may lead to the deposed being charged with perjury and may ultimately have a strong impact on your divorce proceedings.
What are Some Common Methods Used to Hide Assets During Divorce?
So how are assets hidden, exactly? While there are a litany of ways in which an individual could hide assets if desired, the following are some of the most commonly seen by our Morris County hidden asset discovery attorneys:
Intentionally overpaying taxes – overpaying taxes is a way to lower the balance of one’s account while not moving any money illegally. At a later date, the individual can claim overpayment and use those funds for future taxes or be reimbursed.
Delaying compensation – particularly for those who own businesses, it may be possible to control when and how much they are paid in order to keep their bank account balances low. This can include not collecting invoices, money for contracts, or other forms of compensation.
Hiding Assets with a third party – hiding money in an account owned by a trusted third party is a common practice. This can be done through a trusted friend or a shell organization.
Paying down debts – in some cases, individuals will pay down a “debt” which they owed an organization or friend which never existed. They will then have the money returned after the divorce is finalized.
Contact our Divorce Discovery Process Attorneys Today
At Jacobs Berger, our discovery process and hidden asset attorneys understand that financial issues of divorce are seldom simple. That is why we take pride in offering creative, multi-dimensional solutions for our Morris County clients from local communities including Madison, Randolph, Morristown, Florham Park, Denville, Morris Plains, Dover, and across Northern New Jersey. In addition to assisting your with the nuts and bolts of your divorce, we will strive to provide stability on a personal level during what can be a very difficult and challenging time.
If you or a loved one is in need of legal assistance with the discovery process or uncovering hidden assets within a divorce, please contact us online or through our Morristown offices by dialing (973) 710-4366 today for a comprehensive and confidential case assessment with one of our experienced and qualified divorce attorneys.