In times of divorce, Florida follows the law of “equitable distribution,” meaning that any property accrued between a couple during the course of their marriage is considered marital property and will be divided as equally as possible if they separate.
Unfortunately, it’s a common practice for spouses to hide assets prior to going through the divorce process. This involves a spouse taking some sort of asset that would be deemed marital property and hiding it so it does not have to be split equally.
Below are four common ways that your spouse may be hiding money or property.
Friends and Family
Your spouse may start creating debt to friends and family members. These people can then hold onto the cash until the divorce process is over. They could also do this by transferring stocks or other assets into the names of friends or family members and then transfer them back after the divorce.
Any accounts with your spouse’s name on them will be considered marital property. Your spouse may try to hide new accounts by putting them under a different person’s name, such as a new girlfriend or boyfriend or even a different relative.
Another way to cover up money is to convert it into real property, such as using it to buy jewelry, vehicles, boats, tools, or arts. They may do this to hide the value of the assets so you may overlook it during the divorce process.
The Family Business
Hiding assets in a family business is a common scheme. Your spouse may hire fake employees or contractors and, on paper, it looks like these people are being paid a salary. In reality, the checks may be voided after they are written to these fake employees.
If you believe your spouse is hiding assets during the divorce process, you need seasoned legal representation immediately. The legal team at The Law Offices of Jonny Kousa is here to work on your behalf during these trying times.
We will utilize our resources and experience to help you find the assets that your spouse may be hiding. That way, you receive all your rightful property and secure your financial future for life after divorce.
Contact our firm at (954) 626-8071 to schedule your free case evaluation. You can also fill out our online contact form and we will get back to you as soon as possible.