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Hiding Assets Often Starts Long Before the Divorce

Posted on in Divorce

While nearly every divorce is painful and difficult, it is those with a high net worth that tend to be the most contentious. Sadly, it is often the lower-earning or non-earning spouse who is at a severe disadvantage during the case. What is worse, many do not realize that the asset hiding and deception that sometimes occurs often takes place long before the divorce starts. Learn more about protecting your finances in a high net worth divorce with help from the following information.

Asset Hiding Often Starts During the Marriage

Non-earning and low-earning spouses are often kept in the dark when it comes to their marital finances. Sometimes it is because the disadvantaged spouse was not concerned about their finances or divorce. In other instances, the lack of knowledge is intentional; their spouses may have been hiding money for years - perhaps since the start of the marriage.

Whatever the reason for their lack of knowledge, the end result is typically the same: the disadvantaged spouse typically have no idea what their marriage is worth, or where their money might be. This can present some serious issues in divorce. Thankfully, there are some strategies that can be used to overcome the obstacles.

Start the Investigation Early

If you are the disadvantaged party and have decided to pursue divorce, take advantage of your head-start and investigate your financial situation long before speaking to your spouse. If you were served papers, you are at a slight disadvantage; there is a possibility that marital assets have already started to dissipate. In such a situation, it is crucial that you contact an experienced divorce attorney immediately.

Work Closely with Your Attorney

In a high asset divorce, an attorney is like an ally. They have the legal power to delve into your marital assets, including those that your spouse may be trying to hide. Your lawyer will still need your help, though. Work closely with them. Gather any paperwork they request. Ask for their guidance whenever you are uncertain of what to do next.

Our DuPage County Divorce Lawyers Can Help

With more than 210 years of combined experience, The Stogsdill Law Firm, P.C. offers the skills, knowledge, and resources you need to level the playing field in a high net worth divorce. The lawyers that other firms turn to, our DuPage County divorce attorneys will fight for you and your best interest. Schedule your consultation by calling 630-462-9500 today.

Source:

https://www.nytimes.com/2016/11/30/magazine/how-to-hide-400-million.html

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