How to Locate Concealed Assets in Florida Divorces

In any Florida divorce, both spouses are required to disclose all property — including assets and debts — that you believe are owned together as marital property or separately. You must disclose this information by completing a sworn statement. The court will then assess the information provided by both spouses and will determine which assets and debts should be classified as marital property and divided between the spouses in the divorce case, and which should be classified as non-marital or separate property and retained by the owning spouse. To be clear, it is not up to each spouse to identify their own separate property — that is part of the divorce process, and all property must be identified fully.

Even though both spouses must complete a sworn affidavit concerning assets and debt, it is possible that a spouse might attempt to hide or conceal assets in order to avoid having them classified as marital property and distributed in the divorce. If you have concerns that your spouse has hidden property, how can you locate it? Consider the following information from our Port St. Lucie divorce lawyers.

Gathering Documentation As Soon As Possible for All Property

As soon as you know that you are planning to file for divorce or that your divorce case is imminent, you should begin gathering all relevant documentation for all assets and debts. This includes all banking information, bank and credit card statements, receipts for property, appraisals, W-2s and 1099s, tax returns for the last three years, business financial statements, and anything else that concerns assets, debts, or financial accounts.

By gathering this type of documentation quickly and fully, you may be able to identify assets that are not disclosed by your spouse.

Working with a Forensic Accountant to Locate Hidden Assets

When your spouse does attempt to hide or conceal assets and they cannot be readily located, you will most likely want to work with your divorce attorney to include a forensic accountant on your divorce team. A forensic accountant is often able to identify and locate concealed assets in a way that other parties cannot.

According to the Institute of Certified Forensic Accountants, forensic accounting is an “approach that utilizes accounting techniques, auditing processes, and investigative skills to search for evidence of financial crimes.” As such, forensic accountants can often assist in divorce cases where one of the spouses is attempting to violate divorce law.

Contact Our Port St. Lucie Divorce Attorneys with Assistance Finding Hidden Assets in Your Florida Divorce

When you are going through a divorce in Florida or making plans ahead of time to file for divorce, it is crucial that the court knows about all assets and debts so that they can be properly classified as marital or separate property, and so that they can be divided between the spouses according to Florida’s equitable distribution law. When you have any concerns at all that your spouse might have attempted to hide or conceal assets, or that all property disclosures have not been full and complete, it is critical to seek legal advice. An experienced Port St. Lucie divorce lawyer at Baginski Brandt & Brandt can assist you not just with the overarching process of your divorce, but we can also help you to ensure that all hidden assets are properly located and disclosed so that equitable distribution can occur in a meaningful way. Contact our firm today to learn more about the services we provide to spouses in many types of divorce issues in Florida.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html