Divorce is a situation that can be financially and emotionally straining. It often involves a lot of challenges and complexities. The most complex part about divorce is discovering assets that are hidden by many people from their former partners during the relationship. However, these hidden assets can be discovered with the help of a Divorce Lawyer Surrey, who can also help you get a significant share of these assets. In this article, you will learn how lawyers are able to find hidden assets during a divorce case and how you can get a significant share of these assets.
What is the Legal Framework for Disclosing Assets?
The divorce proceedings in Surrey often depend on a legal framework that makes full financial disclosure compulsory. You need to disclose each and every asset during your divorce, which is important to ensure a fair resolution of asset division, child support, and spousal support obligations. If you fail to disclose your assets, you will end up paying severe penalties, which include the imposition of legal sanctions against you.
How Divorce Lawyers Can Discover Hidden Assets?
The discovery process is extremely important for finding hidden assets during divorce cases. During this process, lawyers are allowed to request financial documents from the spouses of their clients. These documents include tax returns, bank statements, investment account statements, and applications for loans. With thorough examination, your lawyer will be able to reveal any hidden accounts and income sources of your former partner. It ensures that all financial matters are transparent and fairly considered in the divorce settlement.
What are the Common Methods Involved to Find Hidden Assets?
Your divorce lawyer can utilize several methods given below to uncover the hidden assets of your former partner:
- Subpoenas:
A divorce lawyer can subpoena the third-party responsible for handling your financial records to obtain these important documents that may not have been voluntarily disclosed by a spouse. This includes getting records for the brand, investment firms and other financial institutions.
- Forensic Accounting:
Many lawyers often consult forensic accountants, which is common in high-stake cases where they can suspect concealment of assets. These accountants can analyze discrepancies in finances, trace transactions, and discover the income streams that were kept undisclosed. They can also help your lawyer identify the patterns of hiding or transferring assets.
- Interrogatories and Depositions:
Lawyers often use written interrogatories and depositions that are useful in questioning the other spouse under oath about their financial situation. It provides them with comprehensive information about assets, income, and liabilities. It commonly requires documents such as:
- Tax Returns.
- Bank Statements.
- Financial statements from loan applications.
- Valuations and Appraisals of Assets.
These documents are helpful in representing your financial situation to ensure fairness and transparency during the division of your assets.
- Using Legal Assistance and Resources:
Your divorce lawyer will guide you through the complexities of the discovery process to ensure all the documents are accurately and promptly provided. They will also advise you on the types of financial information that will help you avoid any legal repercussions. Furthermore, your lawyer should be knowledgeable and experienced enough to ensure a smoother divorce process with lower chances of mistrust and further complicated situations.
- Investigation of Foreign Assets:
In some cases, one spouse is suspected of hiding assets in the overseas accounts. During such instances, lawyers can use the Mutual Legal Assistant Treaties, which will help them recover hidden funds. Such treaties allow collaboration between countries to locate and recover hidden assets that are stored in financial institutions on foreign lands. This will help your lawyer to assert your rights to these marital assets.
- Using Technology to Discover Assets:
With the evolution of technology, uncovering digital assets has become more easy and effective. Digital techniques involve the examination of electronic records, emails and financial softwares to find out whether a spouse has concealed or misrepresented their financial status. This can be really important in cases that involve electronic transfers. If you use these technologies with traditional investigative methods, it will help you analyze your former partner’s financial dealings in a comprehensive manner.
How Are Financial and Tax Documents Important for Discovery?
Tax and other financial documents are important for the recovery process. Both you and your former partner are supposed to submit comprehensive financial statements that include:
- Tax returns.
- Statements of bank and credit cards.
- Documents involving any real estate ownership or investments.
These documents can help you and your former partner represent economic situations in a clear manner. It will also help your lawyer identify discrepancies that may lead to any hidden asset. For example, if your spouse’s reported income does not reflect their lifestyle or expenses, it may indicate the presence of undisclosed assets.
Signs of Hidden Assets
There are several signs you need to identify to find out the assets hidden by your spouse:
- Abrupt changes in expenditure or lifestyle that do not match with the reported income. This can be an important sign for you.
- Transferring money to family and friends without any explanation or suddenly opening new bank accounts that are not disclosed during the discovery process. It may signify attempts to conceal funds from you.
- You should also watch for incomes and expenses that are underreported or inflated. It can suggest that your partner had manipulated their financial image to shield their assets during the divorce proceedings.
Looking out for these signs can help you identify hidden income streams or assets.
Conclusion
Financial matters are extremely important during divorce proceedings. Disclosing your financial status can help you avoid any legal problems and issues from your former partner. However, undisclosed assets can bring you a lot of legal troubles. If your partner has any undisclosed asset or stream of income, it means they are preventing you from receiving the rightful financial claim. However, you can seek assistance from your lawyers, which will help you get a legal and fair division of assets and ensure your rights as a former spouse are respected without any problem. Hence, it will help you secure your financial future.
Gill And Gill Law is a renowned law firm specializing in family law, personal injury, and estate planning. With a commitment to client-focused service, they provide expert legal advice and representation, ensuring the best possible outcomes for their clients.