Married couples in New York choose to break up for various reasons. Still, the reason behind many marital breakups is that one spouse loses trust in the other one. In this situation, one spouse could have easily been concealing assets with the hope that the other party would not find them. This is why it is so important for a divorcing individual to verify that each marital asset is uncovered as he or she navigates the divorce process.
Knowing how married individuals frequently conceal their property can help with tracking down such property in a more efficient manner. People often hide assets simply by claiming that they do not have the assets. In some cases, a spouse might transfer a hidden asset to another family member or friend. People who wish to hide assets might also assert that they lost the assets, or they may generate false debt.
Demonstrating that the above have occurred can be hard. Fortunately, though, many assets that have been hidden can be located with the help of paper trails. For instance, spouses who are looking for potential hidden assets can start by reviewing previous tax returns, which are relatively easy to find. These returns may feature particular reported items along with discrepancies that indicate that assets have been concealed.
Searching for hidden assets during divorce can understandably be stressful. However, inventorying all assets early on in the divorce proceeding can increase one’s chances of securing hidden property. A divorce attorney in New York can provide a divorcing individual with the guidance he or she needs to locate concealed assets and pursue all of the property to which he or she is entitled as part of the divorce proceeding.