If you’re like most divorcing individuals in Connecticut, then you may have some strong concerns about the impact that your marriage dissolution is going to have on your finances. While Connecticut is an equitable distribution state, meaning that marital assets should be divided in a fair fashion, an improperly handled divorce can leave you with less financial resources than you deserve. This oftentimes happens when an individual fails to identify marital assets that have been hidden by the other party.
Why are assets hidden?
People who are headed for divorce hide assets all the time. They do so in hopes of keeping those assets for themselves post-divorce. Therefore, a spouse may hide cash in a new bank account or in some physical location at their new residence, or they may retitle property and vehicles in the name of another family member or friend. While these may seem like obvious moves that can be quickly identified, they can actually be rather sneaky, especially when the other spouse has limited access to marital financial records.
How to find hidden assets
To find hidden assets, you’re going to have to gain access to those financial records. Your attorney can help you obtain them through the discovery process, and once you have them you can comb through them for red flags. These red flags may include unexplained and unjustified withdrawals and payments to credit lines that you didn’t know exist. You should also look at your spouse’s lifestyle and see if it matches what he or she is saying about his or her financial position. If a business is in play, then you may need to bring in an expert who can assess claimed losses to ensure that the business’s valuation is accurate.
Don’t be taken advantage of during your property division process
The property division process can set the stage for your financial well-being for years, perhaps even decades to come. That’s why it’s imperative that you do everything you can to protect your interests, including hunting down hidden assets. If you’d like assistance in doing so, then now may be the time for you to speak with an experienced divorce attorney.