Tannenbaum Scro, P.L.
Call For a consultation
941-444-9092 | 866-615-4543
Spanish Language Services Available

Work with experienced legal counsel to prevent asset-hiding in divorce, P.3

We’ve been discussing in recent posts the issue of asset-hiding in property division, and the importance of working with an experienced attorney to minimize the possibility of asset-hiding. As we mentioned last time, an experienced attorney will know how to make best use of the discovery process to obtain as much evidence as possible about the opposing party’s financial profile.

In addition to tax returns, bank statements and payroll records, another potentially helpful resource to look into is retirement plan documentation. For defined contribution accounts, such as 401(k)s, it can be important to examine provenance and purpose of loans, withdrawals and roll-overs. For defined benefit or pension plans, survivor and other death benefits should also be examined. 

Real estate closing and finance documents can also be examined to help determine whether proceeds or equity have been used or hidden without the knowledge of the other spouse. Payments to personal and business credit cards, and assets purchased on these accounts, should also be examined. Credit reports and county records can also prove useful for tracking down assets.

When a spouse owns a business, an attorney can sometimes run into difficulties obtaining certain documents, which can prevent proper assessment of cash flow and valuation. Knowing who to depose, who and what to subpoena, and how to word requests is important.

Also important is to understand the variety of means by which a spouse may attempt to hide assets. This can include: cash; paying ahead on bills; paying for future services; purchasing gift cards; hiding assets in safe deposit boxes; hiding coins or even bitcoins.

Hiding money in overseas accounts is also a possibility in some cases, and we’ll say more about this in a future post. 

No Comments

Leave a comment
Comment Information

Tannenbaum Scro, P.L.
1990 Main Street
Suite 725
Sarasota, FL 34236

Toll Free: 866-615-4543
Phone: 941-444-9092
Sarasota Law Office Map

Tannenbaum Scro, P.L.
214 S. Lucerne Circle
Orlando, FL 32801

Phone: 407-956-2184
Orlando Law Office Map

Tannenbaum Scro, P.L.
970 Lake Carillon Drive
Suite 300
St. Petersburg, FL 33716

Phone: 727-287-1018
St. Pete's Law Office Map