Orange County Financial Attorney Giving You the Representation You Need to Uncover Hidden Assets

Divorces can be complicated. 90% of California divorces are amicable. This means the parties agree to separate and can reach a peaceful conclusion regarding how to end the marriage. In the other 10% of instances, divorces cases can become difficult. One or both spouses may resent the other and see divorce as a way to enact punishment. If children are involved, one or both spouses may attempt to seek sole custody or use the children as weapons against their former partner. In the 10% of cases where spouses are not separating amicably, divorce proceedings can get ugly. This can include making false accusations in the courtroom or trying to paint the other party in a negative light. It can also involve attempting to avoid paying alimony or sharing assets.

California is a community property state. This means assets acquired during a marriage belong to both parties. In a divorce, these assets must be evenly split by both parties. Because of this, sometimes, one or both spouses may attempt to hide the existence of particular property or assets from the other spouse. These are called hidden assets. While hiding assets is against the law, several people attempt it in an effort to retain money and property during a divorce. This is why it’s vital to hire a divorce attorney experienced in identifying and finding them.

What Are Hidden Assets in California?

Hidden assets are any assets that may be subject to division in a divorce which one spouse has kept hidden from the other. Despite the name, a spouse does not necessarily have had to work to “hide” them. In many cases, one spouse acquires money or property without telling the other spouse. Examples of hidden assets can include:

  • Secret Bank Accounts, Including Off-Shore Accounts
  • Stocks
  • Investments
  • Vehicles
  • Real Estate
  • Cryptocurrency
  • High-End Valuables Such as Art or Antiques
  • Income from a Secret Revenue Source

It’s essential to note failure to disclose hidden assets is illegal during divorce proceedings in California. Anyone can legally acquire anything they want with their money in California. However, because California is a community property state, all of a person’s assets must be declared as part of the court proceedings. Assets truly become hidden when the party who owns them fails to declare them. Keeping assets hidden is a crime. Someone hiding assets can be charged with:

  • Fraud
  • Perjury
  • Contempt of Court

Any of these charges can result in jail time and fines. They may also result in the asset(s) being seized. Regardless, some people may attempt to hide assets during a divorce. They may find certain assets’ financial or sentimental value worth the risk of potentially going to jail. Often, people who hide assets have tremendous financial resources. This allows them to successfully hide these assets from a partner who may need to be made aware of the various techniques that can be used to conceal assets from a former spouse.

How Can I Find Hidden Assets During a Divorce in California?

Finding hidden assets can be difficult because, in many cases, they may be hiding in plain sight. If a spouse has a secret bank account, someone would need to know at what bank and have the legal authority to request details. If they obtained a valuable vehicle or piece of property in their own name, a spouse would need to know when and where the purchases were made and where the assets are currently located.

In many cases, people who obtain hidden assets can be sloppy. This is because they think they will never be caught. Because of this, they can sometimes leave a paper trail. They may make large withdrawals in cash to open new accounts or make large purchases. They may make purchases on credit statements believing no one will ever look at them. Most experienced divorce attorneys work with forensic accountants. Forensic accountants are like detectives who specialize in finance. They can determine when, where, and how secret assets were acquired and hidden. A forensic accountant can review information including but not limited to:

  • Bank Statements
  • Credit Card Statements
  • Tax Returns
  • Real Estate Documents
  • Travel/Flight History

Many people who acquire hidden assets think they are smarter than other people. They think no one will ever come looing for these assets. They may also believe they can succeed in keeping them hidden because they have thought of a technique no one else has. Sometimes they may even have consulted someone with experience to give them different tips and tricks. Experienced attorneys and forensic accountants know all these tricks. Like detectives investigating a crime, they have seen all the techniques people use to try and hide their assets. This is why, if you or a loved one are going through a divorce, hiring an experienced attorney who works with a forensic accountant is vital.

What Should I Do if I’m Going through a Divorce in California and Think my Spouse Has Hidden Assets?

Many spouses keep assets hidden through a divorce intending to enjoy them once proceedings have been finalized. This can deny a person assets to which they are entitled. An experienced attorney and their forensic accountant can be crucial in helping identify these assets and ensure you get what you deserve.

If you or a loved one are going through a divorce and believe your spouse may be hiding assets, , you should immediately contact the Law Office of Patrick O’Kennedy today at 500 N State College Blvd., #1100, Orange CA 92868. Patrick O’Kennedy works with diligent forensic accountants to find hidden assets. He’ll be able to present these findings to the court in a way that establishes not only were the assets being kept from you, but they’re community property to which you’re entitled.

Divorce proceedings can be complex without one spouse trying to hide assets from another. This is a form of fraud. Don’t let a former partner cheat you out of money and property that’s rightfully yours. If you or a loved one are going through a divorce in Orange County and think a spouse may be hiding assets, call the Law Office of Patrick O’Kennedy immediately at 714-701-6356 or email him for a no-obligation case evaluation. He can help you get what you deserve.