Uncovering Hidden Assets
California is a community property state. It is one of 11 states that designate assets as either community property or separate property. Unlike equitable distribution states — where property is divided fairly, but not necessarily equally, between parties — California courts will divide all marital assets equally between divorcing spouses. All property owned individually by a husband or wife prior to marriage, as well as any inheritance, will remain his or her property following a divorce.
In order to equally distribute all marital property, however, the court must be aware of all property that was acquired during the marriage. In a high-asset divorce, this often requires an in-depth analysis by experienced attorneys and other experts to uncover hidden or wrongfully transferred assets.
If you need help with a high net worth divorce and property distribution, contact our Orange County lawyers online today. You may also call our firm directly at 714-550-7229 to schedule your free initial consultation.Property Division and Locating Assets
Occasionally one spouse will attempt to deceive his or her partner by hiding assets, transferring funds or otherwise limit the available property to be divided during divorce. The hope is that once the divorce is finalized, the deceitful party can recoup the asset in the future without having to divide it with his or her ex-spouse.
At the Law Offices of Friske & Hilliard, located in Orange County, we work hard to ensure this does not happen. We carefully investigate our clients' situations and employ financial experts to uncover these hidden assets to arrive at a true value for a couple's community property.How Could Your Spouse Hide Assets?
There are several ways your spouse could attempt to hide assets from you, including:
- Purchasing items that are likely to be undervalued
- Hiding assets in an individual safe deposit box
- Overpaying the IRS to recoup a refund post-divorce
- Creating false debts with friends or relatives
- Deferring salary or bonuses
- Transferring stocks, bonds or mutual funds
- Creating an account in the name of a child
- Underreporting income
Protect your right to an equal amount of marital property and get an experienced attorney on your side. Our lawyers have more than 30 years of combined family law experience and are ready to help you achieve your goals.
Contact our California law office online today, or call us directly at 714-550-7229 to schedule your free initial consultation.