Both New York State and Federal Law apply to divorce proceedings in Brooklyn, so it will be necessary to disclose your income as well as any financial assets that you may have. If you have a prenuptial or postnuptial agreement in place, it will indicate which assets you had when you entered into the marriage. Both parties are obligated to disclose income, assets, and liabilities as well. Here’s what you need to know about the penalties for failure to disclose any assets and how to find out if your spouse is hiding assets in your divorce.
Penalties for Hiding Assets in a New York Divorce
Some spouses will attempt to hide assets or inflate debt obligations to keep from having to split them fairly with their spouse during the divorce. New York is an equitable distribution state, so any assets acquired during the marriage are required to be distributed not necessarily equally, but equitably, which takes into consideration income, assets and future earning capacity for both parties as well as child-rearing expenses.
If the divorce court discovers that you or your spouse are hiding assets in your divorce, you could:
- Face charges for perjury or fraud
- Be held in contempt of court, and potentially incarceration.
- Have the court award your spouse a larger share of the marital assets
How to Check If Your Spouse Is Hiding Assets
Even if you don’t believe that your spouse would hide assets during your divorce, as a precaution, it’s important to be vigilant. If you suspect that your spouse may be hiding assets, it is critical to collect as much information as you can for your attorney.
Here’s how to find out if your spouse might be concealing assets:
- Regularly check your bank accounts. Check for unusual transactions like loaning money to a friend, cash gifting circles, or transferring funds to a bank account in another name.
- Stay vigilant about your spouse’s earnings. Are they missing a bonus they would have normally gotten or if they run their own business, are they paying a new employee who you don’t know?
- Be alert if your spouse has made any large purchases. A vacation property, antiques, fine art, new car or even an expensive watch can be sold after the divorce for cash.
- If you are still cohabitating, physically check areas of your home for any trace of financial documents related to financial accounts that you may not have been aware of.
Contact Brooklyn Family Divorce Lawyer Mary Katherine Brown
If you’re involved in a divorce, you need strong legal advocacy on your side. At Brooklyn Family & Divorce Lawyer Mary Katherine Brown, we can help you determine if your spouse is hiding assets and help you get the fair settlement you deserve after your divorce. Call us now for a consultation.Posted in : Uncategorized ,