What are hidden financial assets?
In most cases, when a couple divorces, both parties are honest and transparent when it comes to disclosing financial assets. However, it is possible for ex-partners to try to conceal assets or for them to disappear, which are known as hidden financial assets.
There are many ways in which an individual can attempt to hide an asset. These include:
– Gifting money or other assets to third parties, including family and friends
– Failing to declare or reducing incomes on HMRC returns
– Adjusting records to lower incomes: this is most common in family-run companies
– Delaying the payment of commission and work-related bonuses or incentives
– Undervaluing financial assets
– Establishing trusts
– Opening offshore accounts or transferring funds to existing accounts
– Providing inaccurate information about lifestyle choices during the marriage
– Mentioning debts that don’t exist
Warning signs to look out for
To ensure that divorce proceedings can progress efficiently and fairly, all financial assets must be recorded honestly. Warning signs to look out for include:
– Becoming cagey about accessing financial accounts or documents
– Becoming more controlling about shared business or joint finances
– Restricting access to accounts
– Changing access details
What can be done?
If you suspect that your ex-spouse may be hiding financial assets, it’s wise to seek professional advice. Our specialist divorce solicitors in Devon can get to the bottom of the problem and ensure that you are treated fairly. Beyond Legal has expert teams based in Tiverton and Newton Abbot.
Contact us today
If you need help or professional advice about your divorce, don’t hesitate to get in touch. At Beyond Legal, we specialise in family law, providing professional services for clients in Devon. If you have concerns about hidden financial assets, our experienced team is on hand to help.