Hidden Assets in Divorce Cases: How Courts Handle Them
Divorce requires both spouses to fully disclose their financial situation. This transparency is essential so the court can fairly divide marital property. But what happens if one spouse tries to hide assets?
Hidden assets can complicate the process and create an uneven playing field. Florida courts take these situations seriously and have tools in place to address them.
The Legal Duty to Disclose Assets
Under Florida Statute 61.075, both parties in a divorce must provide complete and accurate financial disclosures. The law is designed to ensure that all marital assets and debts are identified before any division takes place.
Failing to disclose assets can lead to significant consequences. Courts expect honesty throughout the process, and any attempt to conceal financial information may be viewed as bad faith.
How Hidden Assets Are Discovered
Even if one spouse attempts to conceal assets, there are legal methods available to uncover them. The discovery phase of a divorce case allows both sides to gather information and verify financial details. Some of the most common ways hidden assets are identified include:
- Reviewing bank statements, tax returns, and financial records
- Conducting depositions where a spouse must answer questions under oath
- Using subpoenas to obtain documents from third parties such as banks or employers
- Analyzing business records or unusual financial transactions
- Working with financial professionals to trace income and assets
These tools help ensure that all relevant information is brought to light before the court makes any decisions.
How Courts Respond to Hidden Assets
If a court determines that one spouse intentionally hid assets, it may take corrective action. Florida courts have broad discretion when dividing property, and they can adjust the distribution to account for misconduct.
In some cases, the court may award a larger share of the marital estate to the other spouse. This is meant to offset any unfair advantage gained through the concealment of assets. Courts may also impose additional consequences depending on the severity of the situation.
The Impact on Your Case
Hidden assets can increase the time, cost, and complexity of a divorce case. They can also damage credibility with the court, which may influence other aspects of the case.
On the other hand, identifying and addressing hidden assets can help ensure a more equitable outcome. Having a clear understanding of the marital estate allows both parties to move forward with greater certainty.
Work with an Attorney to Gather the Right Information
Dealing with hidden assets during divorce can feel overwhelming, but understanding how Florida courts handle these situations can help you better prepare. The law provides mechanisms to uncover financial information and address unfair conduct when it occurs.
If you believe there may be undisclosed assets in your case, our Orlando family law attorneys can help you uncover this information and determine its relevance. The team at Anderson & Ferrin has significant experience supporting Orlando residents with complex property division cases, and we are prepared to begin supporting you today. Contact us for a consultation and to begin.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
