When a New Jersey couple decides to move forward with the process of ending a marriage, it requires the division of all marital assets. The financial implications of a a divorce are significant for both parties, especially a high asset divorce. If one spouse decides to hide assets during this process, it can lead to a final property division order that is unfair and unbalanced.
If a spouse suspects that the other is not being completely honest in financial disclosures, he or she has options. One of the most important steps is to take careful inventory of all physical and financial assets and carefully review all disclosure documents. A basic signal that a spouse could be trying to hide important financial information is the denial of the existence of certain assets.
Another sign of a potential problem is when the other party claims he or she lost the asset in question. People can also hide assets during a divorce by temporarily selling them or giving them to a third party for a limited time. Creating false debt is another way that people hide assets they do not want disclose. People often allow anger or greed to cause them to take extreme measures to keep the other spouse from getting his or her fair share of marital property.
A high asset divorce can be particularly complex. It may be necessary to fight to locate and appropriately value certain assets in order to secure a fair financial settlement. A person who is concerned about his or her financial interests or complicating factors, such as hidden assets, will find it beneficial to work with New Jersey legal professional who can help address these specific concerns.